How Is ZDF BF Internal Control
This revealed that the researcher adequately collected data by distributing at least twice the targeted sample size to address the research questions. Therefore the data collected on the effectiveness of the ZDF BF internal controls could be justified. Figure 4.4 displays the subjects’ response rate.
Figure 4.5: Response rate. Source: Primary Data.
4.2 The Nature and Type of Available ZDF BF Internal Control System
The discussion, on the evaluation of ICS in the dissertation, was mostly based on the COSO Integrated Internal Control Framework given its broad concepts, applicability to most entities and consolidated history of practice. It is also widely used in public and private sectors to assess and benchmark ICS of organisations as highlighted …show more content…
It was not only salary alone that was key consideration to attract and retain potential and recruited employees. The ZDF BF working environment provided a career package that included a comfortable organisation culture, career path, responsibilities diversity, and a work/life balance. Some of the best practices ZDF BF management exhibited included recruitment from within, feedback provision, growth opportunities, promotion based on performance, listened to and respected personnel opinions. The job descriptions that existed did not clearly state the responsibility for internal controls and were outdated as they were last updated some 5 years …show more content…
For example, inherently risky assets found at the Fund included especially unbanked cash, fuel coupons and portable electronic equipment like laptops. The scattered decentralised Cells provided an inherent risk of limited control.
4.2.1.1 Unfamiliarity - The newer the activity, the greater the likelihood that its operation and risks may not be well appreciated and its objectives therefore were not realised. The Masvingo……..was the first of its own account in………and upto now the contractor is struggling to complete the houses.
4.2.1.2 Complexity - The more intricate a transaction was, the greater the chance of errors happening. For example, during the planning of the Gweru Ascot large capital project, the executive were not adequately familiar with the oversight, legal, financial, and insurance requirements of the construction project, resulting in unforeseen costs and delays in completion of the project. It is therefore important that management identify and analyse inherently risky operations and assets early and frequently in the risk assessment
Figure 4.5: Response rate. Source: Primary Data.
4.2 The Nature and Type of Available ZDF BF Internal Control System
The discussion, on the evaluation of ICS in the dissertation, was mostly based on the COSO Integrated Internal Control Framework given its broad concepts, applicability to most entities and consolidated history of practice. It is also widely used in public and private sectors to assess and benchmark ICS of organisations as highlighted …show more content…
It was not only salary alone that was key consideration to attract and retain potential and recruited employees. The ZDF BF working environment provided a career package that included a comfortable organisation culture, career path, responsibilities diversity, and a work/life balance. Some of the best practices ZDF BF management exhibited included recruitment from within, feedback provision, growth opportunities, promotion based on performance, listened to and respected personnel opinions. The job descriptions that existed did not clearly state the responsibility for internal controls and were outdated as they were last updated some 5 years …show more content…
For example, inherently risky assets found at the Fund included especially unbanked cash, fuel coupons and portable electronic equipment like laptops. The scattered decentralised Cells provided an inherent risk of limited control.
4.2.1.1 Unfamiliarity - The newer the activity, the greater the likelihood that its operation and risks may not be well appreciated and its objectives therefore were not realised. The Masvingo……..was the first of its own account in………and upto now the contractor is struggling to complete the houses.
4.2.1.2 Complexity - The more intricate a transaction was, the greater the chance of errors happening. For example, during the planning of the Gweru Ascot large capital project, the executive were not adequately familiar with the oversight, legal, financial, and insurance requirements of the construction project, resulting in unforeseen costs and delays in completion of the project. It is therefore important that management identify and analyse inherently risky operations and assets early and frequently in the risk assessment