Internal Control

Good Essays
4. Organisation background

Inkwell Limited is a manufacturer of re-cycle inkjet and laser toner printer cartridges. Inkwell Limited printer cartridge is widely applicable. The main commercial focus is on strong retail market that demand cheaper and greener products

Inkwell Ltd has a couple of small main suppliers that produce

4.1 Inkwell Limited is a limited company, established in 2003. The head office and Warehouse is based in Birmingham West Midland.

4.2 Their business model is to offer a part exchange facility whereby customer either post used cartridge to the company’s on the line shop or physically take them onto one of over 60 shops in the company’s chain that are situated in all major UK cities, and many large towns. If customers do bring their old cartridge in they are then given a 10% discount against the cost of a replacement cartridge.

4.3 Its mains mission is to save customers money by not compromising quality and at the same time help ensure a greener environmental future by better use of inkjet and toner cartridge.

4.3 Inkwell is a company, mainly owned by shareholders. The managing director own the most numbers of share, while both the sale director and the finance director own equal shares.

4.4 The three directors and the company accountant are the main decision makers in the company with the help of managers and supervisors.

4.5 The shop managers are responsible for their own staff by preparing rotas and ensuring adequate staff coverage for all of the opening hours of their shop.

4.6 Finance, Marketing and Sales are the main departments In Appendix a there are a organisation Chart.

5. Structure

You May Also Find These Documents Helpful

  • Powerful Essays

    Internal Control - Integrated Framework Executive Summary Senior executives have long sought ways to better control the enterprises they run. Internal controls are put in place to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations. Because internal control serves many important purposes, there are increasing calls for better internal control systems and report cards on them. Internal control is looked upon more and more as a solution to a variety of potential problems. Internal Control Internal control means different things to different people. This causes confusion among businesspeople, legislators, regulators and others. Resulting miscommunication and different expectations cause problems within an enterprise. Problems are compounded when the term, if not clearly defined, is written into law, regulation or rule. This report deals with the needs and expectations of management and others. It defines and describes internal control to: 1. Establish a common definition serving the needs of different parties. 2. Provide a standard against which business and other entities--large or small, in the public or private sector, for profit or not--can assess their control systems and determine how to improve them. Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 1. Effectiveness and efficiency of operations. 2. Reliability of financial reporting. 3. Compliance with applicable laws and…

    • 2817 Words
    • 12 Pages
    Powerful Essays
  • Powerful Essays

    Internal Controls

    • 5652 Words
    • 23 Pages

    Vineyard Vines is dedicated to bringing new and creative ideas to the market place, both in our product offerings as well as our marketing events. We will continue to develop our unique brand positioning, to maintain and grow our solid brand recognition, and to adhere to high quality design standards. Because everyone wants to have fun every day, Vineyard Vines will continue to offer something for everyone with fun always in mind.…

    • 5652 Words
    • 23 Pages
    Powerful Essays
  • Powerful Essays

    b) Process a transaction that may affect data stored on both client and server computers…

    • 2231 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    All publicly trader companies in the USA are required to maintain and have an up to date system of internal controls. Since the LJB Company is wishing to become a public entity, I am glad to be able to assist in this action. First, the rules and regulations must be reviewed and compared to the company and how it can become public. To make the company attractive to buyers, investors, and other capital sources, it is crucial that the corporate organization and governance are well manifested. Corporate executives and the board of directors within a corporation must ensure that these internal controls are effective. The reliability and efficiency of the internal controls must be directed and supervised by the board of directors and corporate executives (Kimmel 345).…

    • 1134 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Control Theory

    • 15254 Words
    • 62 Pages

    ravis Hirschi has dominated control theory for four decades. His influence today is undiminished and likely will continue for years, if not decades, to come (see, e.g., Britt & Gottfredson, 2003; Gottfredson, 2006; Kempf, 1993; Pratt & Cullen, 2000). Beyond the sheer scholarly talent manifested in his writings, what accounts for Hirschi’s enduring influence on criminological theory? Three interrelated considerations appear to nourish the appeal of his thinking. First, Hirschi’s theories are stated parsimoniously. This means that his theory’s core propositions are easily understood (e.g., the lack of social bonds or of self-control increases criminal involvement). Second, Hirschi is combative and thus controversial. He stakes out a theoretical position and then argues that alternative perspectives are wrong. Hirschi (1983) has long been antagonistic to attempts to integrate theories. Good theories, he believes, have assumptions and an internal consistency that make them incompatible with other approaches. Attempts to mix them together result in fuzzy conceptual frameworks and inhibit the growth of the individual theories. Third, because Hirschi’s theories are parsimoniously stated and make claims that other theories are wrong, they are ideal to test empirically. One (but not the only) reason that theories flourish is that they are able to provide scholars with opportunities to conduct research and gain publications—the very accomplishment that allows for tenure…

    • 15254 Words
    • 62 Pages
    Powerful Essays
  • Satisfactory Essays

    Organizational Control

    • 4526 Words
    • 19 Pages

    | Scenario B. Your manager is speaking to a group of employees about a problem in your department. Employees are not complying with the rules regarding clocking in and clocking out each day. The rules in this situation are very important as employees will not receive their correct pay if the clocking procedures are not followed. There are three suggestions being considered to address this problem.…

    • 4526 Words
    • 19 Pages
    Satisfactory Essays
  • Good Essays

    3.1 Be able to identify and use the appropriate accounting system to meet specific organisational requirements. 3.2…

    • 527 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Debenhams

    • 3433 Words
    • 14 Pages

    The stores are located in various locations, including town centres, high streets and shopping centres and cover a wide geographic and size range.…

    • 3433 Words
    • 14 Pages
    Good Essays
  • Best Essays

    Internal control is defined as a process affected by an organization 's structure, work and authority flows, people and management information systems, designed to help the organization accomplish specific goals or objectives. It is a means by which an organization 's resources are directed, monitored, and measured. It plays an important role in preventing and detecting fraud and protecting the organization 's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks)…

    • 4040 Words
    • 17 Pages
    Best Essays
  • Better Essays

    An Accounting Information System is an integral part of the new design of Kudler’s computer system. Accountants do not necessarily need to understand completely how computers process data of the accounting application, but it is essential for them to understand the flowcharts and documentation that shows how this processing works. The purpose of the new system is to integrate the four Kudler locations. Centralizing the accounting system will save Kudler money by automating accounting, inventory, human resources, and purchasing. Additionally, implementing levels of security, the new system will help detect employee theft and fraud. There are always risks associated with implementing a new accounting system.…

    • 1152 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Along my life I have met many people who viewed the world or the environment around them completely different than I do. Some believed that luck, chance and the environment had the majority of control over the happenings in their life and others believed that the whole world is in their hands and their futures are what they make of it. These 2 types of people are said to be either internal or external. Externals being the ones who believe they have very little control over their destinies and Internals being the people who believe that their efforts make a difference. After completing the “What Controls Your Life” questionnaire I received a score of 4, which makes me an internal.…

    • 548 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Company Internal Control

    • 1725 Words
    • 7 Pages

    Public companies are required by regulations Sarbanes-Oxley Act of 2002 (SOX) among them to formalize control procedures in writing. Privately held companies and other organizations also have an interest in the benefits that result from formalizing and documenting their internal control procedures. Companies must develop sound principles of control over financial reporting and continually assess that the controls are working.…

    • 1725 Words
    • 7 Pages
    Better Essays
  • Good Essays

    Mr.Shelton complaint

    • 733 Words
    • 3 Pages

    central plant and different stores in the city too) and by the ridiculous system the company…

    • 733 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    internal control

    • 369 Words
    • 3 Pages

    a) Select two companies where inadequate internal control have resulted in disastrous effects on the organisation or exposed it to heavy losses.…

    • 369 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    internal locus of control

    • 881 Words
    • 4 Pages

    Upon finishing the two exercises, I have concluded that external locus of control plays a huge part in my life. I found multiple correlations between the two scores, I have always taken everything lightly and I have procrastinated until the last minute to do things, I have told lies on why I couldn’t do the work multiple times to my instructors, I lack motivation to follow through with my plan of action (Trust me I have made a lot of those). I feel like something is missing from my life which makes me feel empty, honestly I don’t even know if I have external or internal locus of control. I know what I’m doing wrong but I can’t seem to fix it.…

    • 881 Words
    • 4 Pages
    Good Essays