A Delima

Topics: Audit, Finance, Employment Pages: 8 (1415 words) Published: June 25, 2013
CASE 1 : A DELIMA (SOURCE: ANSWERS FROM ALL GROUP PRESENTATION AC2208E MARCH-JULY 2012)

|PROBLEM |SOLUTION | |- TIMESHEET ARE MANUALLY PREPARED BY EMPLOYEES |Use punch card | |Employees record their time in & out themselves.) |Use eyes recognition | | |Use time clock machine @ thumbprint. | | |Supervise time in & out of the employees. | | |Should hire an additional employee who can monitor the attendance and | | |timesheet | |-DOCUMENTS ARE NOT PROPERLY PRE-NUMBERED, RECORDED & DOCUMENTED |-Documents (invoice, P.O, D.O etc) should be properly pre-numbered. | |Sales invoice are manually produces & not pre-numbered |-Use latest edition of standard financial software (MYOB, UBS, SAP | |Monthly statement of account not periodically prepare – only prepare &|etc) | |send to customer when payment had been long outstanding. |-Periodically prepare & update control accounts. | |-LACK OF AUTHORISATION OF BUSINESS TRANSACTION |All decision should follow SOP. | |No SOP – all decision were made & authorised by either En Zayed or Pn |Expenses should be authorised by at least two persons. | |Hashimah. |Personal expense cant be charged as company’s expense. | |Personal vehicle expenses were charged to company. |Segregation of duties btw persons who approve & stamping the | | |documents. | | |Should be separated to general and specific authorization | |LACK OF TRAINING |Cik Amy should be send for further training by the company’s top | |Inadequate job training |management to further enhanced her understanding in relation to her | |The company’s secretary is in the opinion that Cik Amy is a fresh |job description and competency to perform her job. The management | |graduate from a local university with no relevant working experience |should enrol her to a short course designated to improve work | |to handle her job description effectively as a Finance Executive. A |efficiency and effectiveness in any local institutions such as UiTM, | |simple thing as accounting treatment was unable to be solved by Cik |Sunway University and others. | |Amy. | | |IMPROPER ORGANIZATION CHART |It should be properly drawn with distinct functional departments to | |Improper Organisational Chart |show distinct job description for each department and several | |The organisational chart was improperly drawn and too few positions |important positions should be added to ensure effective and efficient | |had been added to...
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