The Success Of An Organization - 994 Words

The success of an organization is driven by the employees. Leaders have to be able to deliver their vision and work with their teams to achieve those goals. It has been proven that teams deliver better results than individual employees, therefore, leaders must work with their teams to ensure that they develop properly and mature over time. To make sure a team develops properly, leaders must follow the stages of team development which are: forming, storming, norming, and performing (Abudi, 2010). Device Products Unlimited (DPU) has been in business for about thirty years. Recently, the quality control team identified many mistakes that keep happening in the manufacturing and production division. Thomas, the CEO, decided to divide the production division into production teams. The teams will be formed by four mechanics, two engineers, and a team leader to guide the team. Thomas’s goal is for the smaller teams to be more focused on their specific functions and responsibilities, consequently minimizing the amount of mistakes. One of the problems DPU could be facing is the lack of team collaboration due to the increasingly unstable and competitive socioeconomic environment (Boughzala, de Vreede, 2015). Organizations highly depend on team collaboration to succeed since teams have to work together to create the value that cannot be achieved individually (Boughzala, de Vreede, 2015). If the quality of the team collaboration is affected, the results will have a negative impactShow MoreRelatedThe Success Of An Organization1360 Words   |  6 PagesThe success of any organization can typically assessed by the financial figures that estimate the expense and income generated yearly. Most analysts place a tremendous importance on Earnings generated by a business. It is usually the earnings that motivate the value of stocks. Managers are therefore constantly under relentless demand to keep the profits rising to keep stockholders content and avoid takeover attempts. Cost is, therefore, a significant interest as to p-level directors, who are regularlyRead MoreThe Success Of An Organization1159 Words   |  5 PagesThe success of an organization depends greatly on effective roles of management. Vital roles of management include effective planning, expert organization, exceptional leadership and the ability to control and maintain an efficient productive environment. Mangers must be conscious of the organizations culture due to constant changes in the external, internal and global environments in which they serve. A manager’s ability to effectively carryout essential managerial tasks depends heavily on an organization’sRead MoreThe Success Of An Organization1853 Words   |  8 PagesThe success of an organization is highly influenced by the capabilities of the manager in charge. Managers have become the backbone of any successful company since they understand the needs of the company and can bring new ideas to upper management. Although, the manager does play a huge role in the organizations success it is also up to the organization to properly train their managers. Poor training can lead to hostile work environments as well as a lack of communication between the employees andRead MoreThe Success Of An Organization1646 Words   |  7 Pages The success of an organisation includes the use of unique strategies and effective decision-making to promote the business effectively which increased the growth of the company to the industry and economy. Through competition, companies have gained advantages to outgrow their product by using strategic plans and critical decision-making which leads to attracting as many consumers as possible than their competitors. Organisations compute the success of the company in unique ways and varies from differentRead MoreThe Success Of A Healthcare Organization835 Words   |  4 PagesThe success of a healthcare organization is governed by the many qualities and attributes its leaders possess when overseeing patient care. Such care, whether executed at the micro, meso, or macro level, can be beneficial to an organization or result in the failure when change is inappropriately addressed. Leaders, by using their knowledge and expertise, must promote care throughout all the numerous levels of ma nagement that is a replication of bureaucratic thoughts and principles or one that isRead MoreOrganizational Success : An Organization963 Words   |  4 Pageshas been institutionalized in today’s society regarding organizational success. For a company to excel, it must strive to grow at all cost. In the short run this is applicable, however in the long run the concept of growth can lead to a decline. To remain competitive within in the market, it is essential that the company strategically plans this expansion without omitting any of the primary or secondary entities of an organization. Knowing how to manage growth, whilst standing by initial official goalsRead MoreEssential For Their Success : An Organization2874 Words   |  12 Pagestheir success. Skilled managers or leaders have the ability to read situations from different perspectives in order to understand and manage an organization. This art of reading and understanding organizational life are based on different t heories of metaphors that enable management and organization to improve productivity. Organizational life is explored in the form of different metaphors and these metaphors would further explain how management can see, understand and manage organizations in a moreRead MoreThe Behavior And Success Of An Organization2140 Words   |  9 PagesThe behavior and success of an organization is fluid and requires looking at its characteristics in a variety of ways. Managers and leaders must be flexible and willing to adjust and change as situations and environment change. Bolman and Deal (2008) have identified four frames that an organization’s leaders can use to strategize in taking the organization from one level to the next, while still remaining true to its employees, mission and values. These frames are: Structural, Human ResourcesRead MoreAn Organization s Success And Competitiveness1319 Words   |  6 PagesA motivated workforce is an important aspect of an organization s success and competitiveness in an industry: however, I find that companies are going to realize that keeping a workforce motivated will not be an easy challenge. Furthermore, every employee in an organization is different and not all employees are as motivated or driven as their peers. The challenge for organizations is to figure out what employees want and value because not every employee values the same concepts. First, I’ve learnedRead MoreCritical Success Factors Of An Organization1238 Words   |  5 PagesCritical success factors are generally essential activities or elements that allow an organization to achieve its objectives and for current and future operations. Some of the critical success factors of business could be as follows: †¢ Reductions in employee turnover and increase in employee retention. †¢ Increasing satisfaction percentage in employee engagement survey. †¢ Improved ratings for training and development. †¢ Increase revenue per man-hour †¢ Improved performance appraisal system by KPI

Role of Education in Minimizing Audit Expectation - Free Samples

Question: Discuss about the Role of Education in Minimizing Audit Expectation. Answer: Introduction The key role of this paper is to evaluate the risks that are related to any company that functions in the economy. This paper has therefore looked to concentrate on Telstra Corporations Ltd. Telstra is the new company that has appointed us in order to assess their risks and their financials that are associated with them. The examination and the evaluation of the annual report of Telstra Corporations Ltd is helpful in explaining and addressing the risks of the organization and the actions that can be recommended to them according to the results obtained from the assessment. Inherent Risks and Assertions Risks Details Assertions and Impacted Accounts of Business Audit procedure The company has outlaid their operational activities that is beyond their financial capability Telstra has their operational activities way over their financial capacity and they have been undertaking strategies with the help of which the company can expand their business (Telstra.com.au 2018). The revenue of the company has not been increasing significantly but the actions that have been taken can lead to risks and bankruptcy for the company. The assertions are inclusive of: Accuracy Reliability Precision Operational activities of the company. Impact on Accounting books Cash Account Account Receivables Bad Debts Account Revenue Account The audit process of the company will assess the financial activities of the company and thereby understand the losses that have been taking place in various accounts and thereby keep a record about it so that it can be evaluated. The fall in the level of profits due to a rise in the collective losses The annual report has indicated that there has been a fall in the profit of the organization in the year 2017 in accordance to the previous year and the level of collective losses has been significantly higher. Assertions Relevance Materiality Impact on the books of accounts Bad Debt Account Profit Account The process of auditing is inclusive of an explained assessment of the losses that have been incurred which have been recorded. The accuracy and the effectiveness of the management will even be reviewed. Investigation of the commitments towards the expenditure Telstra has a huge amount of expense that is associated with the establishment of the towers with the help of which there can be an improvement of their networks (Telstra.com.au 2018). This amount has not been addressed in the financial statement. The amount that has been invested on the development of the network towers is not highlighted in the annual report and this recorded in the notes to the account. Assertions Materiality Accountability Relevance Impact on the Books of Accounts Expenditure Account Account Receivable Sales Account Statement of Profit and Loss The process of auditing will include the evaluation of the costs of the firm on these activities and the characteristics and contracts of the activities will even be ensured (Kend et al., 2014). The figure that is addressed in the annual report has importance and hence the value is of the network development amount and therefore this amount has to be recorded (William Jr et al., 2016). The auditor even needs to make sure that these activities are in nature authentic. Deferred Tax According to the annual report, the company deferred tax assets are utilized in order to write off for the deferred tax liabilities (Telstra.com.au 2018). Assertions Write off Timing Accuracy Segmentation Impact on the Books of Account Balance Sheet Income Statement There has been estimation that the judgment that has been confronted by the management that is associated to the projection of the taxable profit of the firm along with assessment of the processes and the mechanisms that is utilized by the management for the estimation of the computation. Ratio Analysis Particulars Ratio kind 2017 2016 Difference Risk Financial Ratio Current Ratio 0.86 1.02 -0.16 Low Quick Ratio 0.70 0.91 -0.21 Low Profitability Ratio Return on Equity 25.59 38.57 -12.98 High Solvency Ratio Debt to Equity Ratio 1.02 0.92 0.1 Low Current Ratio The current ratio of Telstra Corporations Ltd for the current year indicates that it has not been able to take care of the liquidity needs effectively. The fall in the current ratio indicates that the company has been unable to reduce their current liability and the fall in the quick ratio addresses the same thing. The current ratio in certain cases becomes the quick ratio if there is unavailability of stock in the balance sheet of the organization. The quick ratio of Telstra addresses that the firm has been unable to satisfy the requirement of liquidity and has even been unable to handle their operating costs and operations effectively. The suitable current ratio for any organization is 1:1 which indicates that there exists an equivalency in the current asset and liabilities (Kend, Basioudis 2017). Return on Equity The figures of return on equity have indicated that Telstra has been able to pay their dividends to the shareholders during the year 2016 and 2017. However, the amount of dividend has fallen in the year 2017 in accordance to the previous year. The organization has faced losses in 2017, which has been reflected in the balance sheet of the organization. The loss of Telstra has increased from the last year and this is the main cause for the return on falling by a significant margin. The issue cannot be developed from the mindset of the firm as in such cases the company would be facing problems in the coming time. The risk factor for the organization is high if the return on equity is regarded as a standard of performance with the aspect of the shareholders (Waldron, 2016). Debt to Equity Ratio The risk factor for debt to equity is low and the figure has increased in 2017 from 2016. It indicates that the capital framework of Telstra is more debt based than equity. This indicates that the company is reliant on leverage. The capital structure of Telstra comprises mainly of debts and this has been indicated in the balance sheet of the firm in the annual report. Areas of Problem for Telstra Identified areas of concern Explanations Impacts on the books of accounts Audit Procedure Current Ratio The current ratio of Telstra is not too effective even though the company has a proper liquidity scenario and Telstra has the ability to satisfy the need for liquidity. The key factor has been due to the fact that the company has been able to minimize their current liabilities from the last year. It is known that the effective current ratio of a firm is 1:1. Cash and its equivalent Prepaid expenses Accounts Receivable Accounts Payable Interest payable Income Tax that is payable The company records need to be examined in order record any kind of discrepancies from the management (Knechel, Salterio 2016). The cash records are required to be assessed effectively. Return on Equity The amount of dividend the company has paid has fallen with respect to the previous year and therefore has not been able to satisfy the outlook of the shareholders with respect to the amount of dividends. Telstra has been incurring losses and this is indicated in the balance sheet. Sales Account Asset Balance Sheet It is the duty of the auditor is to examine the timings and the dates of each and every transaction of the firm and making sure that effective examinations have been made (Shah et al., 2017). Debt to equity ratio The debt to equity has increased in this year from the previous year and this is indicates that the capital structure of Telstra is more debt based that equity. This explains that the company does rely on the leverage. Revenue Payables Provisions It is the duty of the auditor to examine the records of the provisions and payables and the relevancy of the same. Recommendations The suggestions that can be given to Telstra Corporations Ltd in order to develop their business framework include constructing an effective internal control mechanism so that the management can monitor and manage the internal processes of the business. Telstra even needs to maintain a record of the costs for the development of the network towers in the books of accounts as this can have an influence on the decisions of the investors. Telstra can even undertake a frequent assessment of the inventories and even the tower construction sites so that the operations can be examined (Ihendinihu, Robert 2014). Telstra even has to undertake an effective knowledge about the framework of the deferred tax and the process with the help of which it can be written off and needs to be declared in the annual report. Conclusion The discussions that have been made in this paper addresses that the key audit issues of Telstra is dependent on the decisions of the auditor. The audit committee has less amount of obligations and the selection of a skilled external auditor who will look into the perspective of the company in accordance to fairness that is seen in the audit report. The report therefore explains the processes that can be incorporated by the administration in order to make the business more efficient. Reference Birkey, R. N., Michelon, G., Patten, D. M., Sankara, J. (2016, September). Does assurance on CSR reporting enhance environmental reputation? An examination in the US context. In Accounting Forum(Vol. 40, No. 3, pp. 143-152). Elsevier. Chambers, A. D., Odar, M. (2015). A new vision for internal audit.Managerial Auditing Journal,30(1), 34-55. Cohen, J. R., Simnett, R. (2014). CSR and assurance services: A research agenda.Auditing: A Journal of Practice Theory,34(1), 59-74. Edgley, C., Jones, M. J., Atkins, J. (2015). The adoption of the materiality concept in social and environmental reporting assurance: A field study approach.The British Accounting Review,47(1), 1-18. Ihendinihu, J. U., Robert, S. N. (2014). 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