Evaluate how the audit process monitors

Reference no: EM13750505

Question 1 =

"The Right Way" Please respond to the following:

At times, purchasing agents of all kinds have to make difficult decisions. From the case study, determine why you think Bullock Studios arrived at the decision to properly enter the cameras and camera cases.

Review the Compliance Management Structure found in Chapter 13 and discuss how you would apply it to the Bullock Studios case study.

Question 2=

The reason they arrived at the decision to enter the cameras and cases is because they were uneasy about the information that they received from their personal broker. Instead of leaning on the word of the broker they decided to seek information from a third party consultant which turned out to be the better way to go. There is nothing wrong with seeking another opinion, especially when doing business, because the decisions you make can make or break the company, so you want to ensure that you are indeed making the right decision.

Review the Compliance Management Structure found in Chapter 13 and discuss how you would apply it to the Bullock Studios case study.

When reviewing the Compliance Management Structure, Bullock followed through with the following:

1. Validation Process: This process is used to properly analyze the purchase process and valuation structure and the shipping and receiving practices of the transactions. To accomplish this Bullock sought out clarification in whether or not the camera and camera cases should be packaged separately or together

2. Internal Supervision and Control: Bullock is a company that appears to be very knowledgeable about its import and export responsibilities. In this section it is best to be able to control the actions of your broker and freight forwarder, this is a compliance strength. It is good to know your third party strengths and weaknesses to avoid delays in service and potential fines in penalty. Bullock was not secure with the advice that was given by their broker, so instead they took control of the situation and sought a second opinion. I'm sure Bullock knew the strengths of their third party consultant and knew that their uncertainty would diminish after consulting with them. This proves right because in the end Bullock made the right decision by taking the advice that was given to them by the third party consultant.

Question 3=

"Compliance Management" Please respond to the following:

To ensure that compliance management is effectively implemented, senior management endorsement, education and training, and ownership are necessary. Describe how you would manage all of these elements in order to become the "go to" person in your company.

Evaluate how the audit process monitors the compliance management structure to ensure its purpose is intact.

Question 4=

In order to become the "go to" person in the company you first have to understand how each area works. As the go to person, I will take the initiative to ensure that I am well educated and trained on every aspect of the business. Through quality and assurance I will be tested and reviewed to ensure that I comprehend what I am learning. I would partake in ongoing education such as seminars, book reading, online courses, etc to ensure that I am up on the latest information. By keeping myself well educated/trained I will be able to ensure that my organization gets the appropriate assistance needed regarding regulatory affairs that are related to Bureau of Customs and Border Protection, BIS, FDA, USDA, TSA, etc. Lastly, such actions will allow me to identify and risks that may occur and take ownership in correcting the matter and implementing change.

Evaluate how the audit process monitors the compliance management structure to ensure its purpose is intact.

To ensure an effective approach to compliance, the board and management should make compliance a high priority. The participation of senior management in the development and maintenance of a compliance program is essential. The board and senior management periodically should review the effectiveness of its compliance management system. This review should include reports which identify any weaknesses or required modifications due to changes in laws, regulations, or policy statements. Prompt, capable management response to those weaknesses and required changes is the final measure of the compliance system's effectiveness. Senior management must assign well qualified staff and resources to properly implement and administer the compliance program. Participation at all levels in the compliance management system is important to its success.

Reference no: EM13750505

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