By the way, this topic is examinable in ACCA examinations e. Seriously, I hope that this posting can help you to understand the concept better. Kindly share this information with your friends, if you find that this is useful.
It began way back when I was still knee high to a short elf. It seems my grandfather, Internal control papamoss was a jolly sort of guy himself, somehow connected with Mr.
Imagine being 3 or 4 years old and learning Grandpa and Santa were buddies. Santa knew me by name too. And from that day back in the early s on, Old Santa and I have enjoyed a close and special friendship. Segment your customers Santa said he learned this lesson some or so years ago.
Once he started segmenting his customers into groups; naughty and nice, business picked up. Santa believes distributors must understand customer demographics too.
The customers, who value your service, buy in the right quantities, display the right kind of buying behaviors and allow you to make a profit deserve extra nice treatment.
Simply put, distributors can drive more profitable business if they target the right customers.
Build your own unique brand The red suit and eight tiny reindeer shtick is part of the whole North Pole Brand. Flash a picture of a slightly overweight bearded guy dressed in a red suit with white fur trim and kids anywhere immediately recognize the brand.
Santa and his team of marketing elves first came up with this whole branding deal back in the s. Since then, dozens of marketing gurus came knocking on the North Pole door; each proposing a different strategy. On a side note, you can only imagine what would have happened if Santa would have taken on that Paisley Nehru Jacket pitched sometime in the s.
Claus avoided the temptation of flipping his branding message. Are you known for having a larger stock of hard to find items than your competitors? Is your team more tuned to technical support?
Are you good at solving logistics issues? Is your counter more knowledgeable than those of your competitors? It develops a strong and loyal following who are willing to partner. Adapt to changing customer styles When Santa first started up, things were different.Internal Control Papamoss.
Internal control systems As defined in Paragraph 4(c) of ISA , internal control is “the process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of.
Internal audit and internal control Internal audit is an internal but independent assurance function.
While internal auditors are usually employees of the organisation, they should operate independently of management so that their analyses, judgements and reports are free from bias or undue influence.
In conclusion, general control referred to Physical, Authorization, Personnel, Arithmetical and Accounting, Management, Organization, Supervision, Segregation of duties (PAPAMOSS) are those specific control procedures established over the accounting applications to ensure all the transactions are authorized and recorded, and are processed.
Definition: The principles of internal control are the concepts that require management to set procedures in place to ensure company assets are safeguarded. In other words, these are the principles management uses to establish the ways to protect company assets.
May 27, · P1 Short Notes Md. Imtiaz Mostafiz [email protected] Page 6 Content of board statement of internal control: 1 Board is responsible for com’s IC system and the effectiveness of the system also explain the system will manage the risk rather than eliminate the risk.
May 09, · Internal Control Tutor Name: Luba Name: Peng Xueyuan Date: May 9, Words: The general purpose of financial statement is to provide information for users for decision making. That is to say, the financial statement provided must be reliable for users to make the most correct decision to make profit or contributions.