Internal Controls Essay Example | Topics and Well Written Essays - 250 words - 2

Internal Controls - Essay Example Significantly, the company has been marred will intolerable control environment. The management has failed to enhance effective communication leading to the adverse change in attitude among employees. In addition, the company has failed to identify inadequacies that pose a significant risk of loss and inaccuracies in the financial management department. According to the audit conducted in the year 2013 (Farewell, Byron 117), SONY Company has not been conducting regular assessment of its internal control system and hence the management may fail to detect a fault in good time. Furthermore, failure to conduct a regular assessment will make some of the control system obsolete leading to huge losses. An effective control system should focus on diligence and effective communication that is geared toward changing employee’s attitude towards the control system. (Susan 543) declares that the control system should be regularly examined and updated to reduce the risks emanating from obsolete technology. In this case, the control system should be several strands ahead of the technology used by fraudsters and dishonest employees. Risk reviewing and monitoring should be highly regarded. In this case, the management should constantly monitor the internal control system in order to identify areas that require advancement. This reduces the chances of incurring a material risk that would cause financial loss if it takes

Corporate Project (Coca Cola) Research Paper Example | Topics and Well Written Essays - 2500 words

Corporate Project (Coca Cola) - Research Paper Example Pemberton who was more of an inventor not a businessperson sold his invention to Griggs Candler for only $2300. Candler began to instill his strategies in the company in 1891, he brought the first real vision of the company, and the Coca Cola brand (Pendergrast, 2000). Candler being a natural born’ salesperson transformed Pemberton’s invention into a business between 1893 and 1904. The fact that people were thirsty gave Candler the first innovative strategy. These first promotion strategies made people conversant with the Coca-Cola brand everywhere and in 1895, Candler expanded and relocated syrup plants in major cities (Pendergrast, 2000). The brand was becoming more popular in time thus Joseph Biedenharn, who was a businessperson from Mississippi, tried to convince Candler on the necessity of bottles but this idea did not excite Candler. He failed to anticipate that success of Coca-Cola brand would be portability. In 1899, Benjamin Thomas and Joseph Whitehead, were allowed to bottle the Coca-Cola brand by Candler. Bottled Coca Cola soda made the drink’s popularity increase rapidly. By 1905, the company was very successful and the only challenge Coca Cola faced was imitation of the drink by businesspersons who used the advantage of Coca Cola’s success to sell copycat beverages. The company thus used promotions to protect their brand by advertising reminding customers to â€Å"Demand the genuine† and â€Å"Accept no substitute† promotion. This worked but it would not stop the imitations thus the company had to invent a unique and distinctively shaped bottle that would be easier to identify thus limit imitations thus the contour bottle became Coca Cola’s brand bottle. This led to rapid increase in popularity of the drink due to the attractiveness of the bottle and the taste of the drink. This led to the company’s growth internationally (Pendergrast,