Companies modes of operation, Auditing

Assignment Help:

Companies Modes of Operation

Some companies (especially small ones) operate without any overtly expressed plan and simply carry out the business as always, responding to market changes as they happen. Such companies are often very adaptable and survive well.

Large companies normally plan their activities in a hierarchal way, as follows:

  • Mission statement
  • Strategic plan
  • Budgets

 

Businesses are at risk if their business objectives are not achieved. It is therefore desirable for the management to identify all business risks and if necessary to amend the plan to accommodate the risks or make contingency plans to survive.

For example, a company which has over reliance on one customer might decide actively to seek new customers or markets, perhaps by acquisition.  Another example would be a company which is totally reliant on is computer system should have backup facilities.


Related Discussions:- Companies modes of operation

Briefing paper on the issues facing established audit firms, Case Study: ...

Case Study: You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in t

What method would you use to test an individual account bal., You are audit...

You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon

Goodwill, How would you value the Goodwill

How would you value the Goodwill

Illegal acts, ILLEGAL ACTS Auditors may uncover criminal offences commi...

ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful

Roles of the auditor, What is the role of the auditor, and what are the key...

What is the role of the auditor, and what are the key duties the auditor must carry out? Role of the Auditor In modern commercial environmental it is desirable that bus

Individual assignment, The following situations may or may not breach the e...

The following situations may or may not breach the ethical requirements of APES 110. You need to state whether they are or are not a breach of the ethical requirements of APES110 a

Classification of individual business risk, Classification of Individual Bu...

Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.

Determine the audit methodologies to conduct an audit, You are the external...

You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w

Reliance on the work of other auditors, Reliance on the Work of Other Audit...

Reliance on the Work of Other Auditors The principal auditor or the primary auditor is solely responsible for the holding company's accounts. So here it is inevitable but that

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd