Implement Operating Procedures Samples †MyAssignmenthelp.com

Question: Discuss about the Implement Operating Procedures. Answer: Reviewing financial delegations and accountabilities The accountabilities and delegations of financial nature can be reviewed through a six step process. The standard operating procedures helps in ensuring that the employees are performing their jobs efficiently. The Baby Bunting Group Company Limited (BBGCL) Australia ensures that the financial delegations are carried through detailed and stepwise analysis. Initially, the target audience is set out which helps in the analysis of the focus group. However, the BBGCL group consists of a huge number of employees resulting in the arrangement of group meetings (babybunting, 2017). In this respect, the department heads and managers are informed through mails about the group meetings which are further cascaded down the departments. The newly made changes within the financial policies of the company should be explained in a concise manner to each and every employee. The employees could be provided with one or more training sessions in case they have a difficulty in understanding the operating procedures. The BBGCL believes in providing the employees with value added bonus and incentives for incorporating the feelings of accountability within the employees. Here, the employees start feeling a certain amount of responsibility towards their jobs, where every good work would be awarded with the help of performance based incentives. One of the most important objectives of the financial delegations is that the employees are given sufficient space to provide their own feedbacks (Luo, 2015). Additionally, the BBGCL maintains that in the context of any financial loss incurred by the company, the accountability is distributed equally between the different stakeholders of the company. Internal control in terms of reporting (2.2) The reports need to be produced, reviewed and distributed within the agreed timeline. The internal control procedures span through finance, operations, compliance and other crucial areas (Council, 2014). The goal of implementation of the internal measures is that the company policies and procedures are maintained in place. The internal control is not only required for prevention and checking of frauds, the implementation also ensures that the organizational goals are met. Here, the Australia based retailer baby products chain has been taken into consideration for the assessment and implementation of internal control procedures. The internal control reports could be divided into a number of components such as monitoring, control activities, risk assessment, information and communication and the control environment. The communication aspect is very important with respect to any small or large scale business organization. The BBGCL establishes that proper communication is maintained through implementation of sophisticated technologies to regularly organising staff meetings (babybunting, 2017). The reports should contain in detail analysis regarding risk assessment of the surrounding market situation and the effect of the same upon the new business ventures of the Public sector organization. One of the governing factors of public sector organizations is the cost effective pricing which attracts a large customer base towards particular goods and services (Garcia-Sanchez and Cuadrado-Ballesteros, 2016). However, lowering of the prices may incur sufficient loss to the company. Therefore, sufficient market research needs to be conducted and the profitability statistics should be mentioned in the report for educating the shareholders as well as the stakeholders regarding the control procedures adopted over here. In incidents of heavy risk possibilities the BBGCL employs its physical control to safeguard its assets. Some of these are financial instruments such as Gold bonds which can be used by the company to reduce its share of non-profit assets. Internal control in measuring reliability of the financial reports (2.2) There are a number of internal control procedures which helps in measuring the reliability of the financial reports. Some of these are establishment of reliable accounting software and hiring of qualified book-keeping personnel for handling and management of the basic accounting tasks. However, the BBGCL employs a number of different alternatives for measuring the reliability of the financial statements (Abbott et al. 2016). Some of these are hiring an outside accounting firm for auditing the financial statements; employee bonding; segregation and rotation of duties are some of the other strategies. The reliability standards within the finances of the organization requires that additional amount of anti-theft measures are employed (Donelson et al. 2016). This could be done with the help of employee bonding, where a bond or a commercial insurance protects the business organization against thefts by employee. For the purpose of which sufficient background check of the employee is done before giving confirmation to the employees. In this respect, the BBGCL maintains that employees handling cash and other forms of assets dont have access to accounting records (babybunting, 2017).This prevents employees with access to both the assets from covering up their thefts. Additionally, the generation of electronic bills on making every purchase prevents the chances of thefts and loss. One needs to give sufficient time and care while preparing the reports which further reduces the chances of mistakes. Lodgement of Business Activity Statements In this respect, the BBGCL need to establish a Business Activity Statement (BAS) which could be done through a number of steps and measures. Some of these are lodging the registered tax through online portals, lodging the same through a BAS agent or through phone and mail. The BBGCL does its tax registration through its own business portal. The company had installed standard business reporting enabled software through which is submits its tax reports directly (Hribar et al. 2014). This helps in the prevention of frauds and errors within the tax reporting and filing process. Additionally, the BBGCL consists of a number of sister outlets therefore tax filing through a common portal helps prevent additional amount to be spent in outsourcing tax consultants and agents. The lodgements should be conducted once on a semi-annual basis. Documentation of procedures (PC- 2.4) The Baby Bunting Group documents its internal control methods and procedures for maintaining the accuracy of the organizational process and ethics. The active documentation regrading the policies and procedures helps in controlling the internal frauds and maintains a swift flow of the work process (Tran-Nam, 2016). The internal control procedures help in the maintenance of consistency within the organizational process. The main aim behind the documentation of the procedures is to uphold the policies and methods of internal control which establishes law and order within a business firm or outlet. References Abbott, L.J., Daugherty, B., Parker, S. and Peters, G.F., (2016). Internal audit quality and financial reporting quality: The joint importance of independence and competence.Journal of Accounting Research,54(1), pp.3-40. babybunting (2017), babybunting , Available at : https://www.babybunting.com.au/about-us/ [Accessed on 28 Nov. 2017] Council, F.R., (2014). Audit Quality Inspections, Annual Report (2013)/14.London: FRC, pp.105-225. Donelson, D.C., Ege, M.S. and McInnis, J.M., (2016). Internal control weaknesses and financial reporting fraud.Auditing: A Journal of Practice Theory,36(3), pp.45-69. Garcia-Sanchez, I.M. and Cuadrado-Ballesteros, B., (2016). New Public Financial Management.Global Encyclopedia of Public Administration, Public Policy, and Governance, pp.1-18. Hribar, P., Kravet, T. and Wilson, R., (2014). A new measure of accounting quality.Review of Accounting Studies,19(1), pp.506-538. Luo, Y., (2015). Corporate governance and accountability in multinational enterprises: Concepts and agenda.Journal of International Management,11(1), pp.1-18. Ojo, M., (2016). International framework for liquidity risk measurement, standards and monitoring: corporate governance and internal controls, pp.58-109. Tran-Nam, B., (2016). Tax Reform and Tax Simplification: Conceptual and Measurement Issues and Australian Experiences. The Complexity of Tax Simplification(pp. 11-44). Palgrave Macmillan UK, pp.25-78.