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Internal control for finance

Paper type: Essay
Pages: 4 (793 words)
Categories: Finance
Downloads: 19
Views: 4

The board of directors of the Kingfisher Company takes into account the risk assessment, identification of the mitigation action and internal control that enables the company to achieve its strategic corporate objectives that are within the company’s risk or reward profile. The internal control system is regulated by the board of directors who regularly and at least annually review whether it is effective or not the activities of the organization are been carried out effectively, so as to avoid any fraudulent cases from occurring in the organization.

The audit committee also assists the board of directors in ensuring that the internal controls of an organization are effective. They also ensure that the company complies with the Trunbull Guidance and the Kingfisher’s policies as the code of conduct legal and secretarial finance and treasury so as ensure that the activities of an organization are carried out effectively.

The members of the company such as the top management team both the executive and non-executive have the responsibility of ensuring that the individual and the collective standards in a company is carried out effectively and the use of the resources is done appropriately so as to ensure that the company’s goals and objectives are achieved.

The kingfisher works hard to attract, develop and to retain the employees so as to avoid employee turnover since it can have an effect the performance of the company.

The management of the company rewards it employees appropriately so as to motivate them to carry out their activities effectively. The company has stores in the eleven different countries thus it adopts policies and practices that reflect on the local cultures and customs of the country so as to maintain its customers and hence be in a position to derive as much revenue to the company as possible hence its growth. People

The kingfisher other financial management policies and practices over the last five years is to ensure that the implementation of the high levels of staff engagement by engaging the employees in regular staff communication so as to frequently update them on what they are expected to do so that they can understand their duties and responsibilities so that they can lead to the companies achievement its goals and objectives.

The management of the company has also implemented training programs that have led to the company’s good performance over the last five years. The company’s management implemented the Castormaoa staff Internet site that have enabled the staff to become more involved in the decision making process within the business so that they could be in a position to contribute ideas and opinions about how to run the affairs of the company so as to facilitate its achievement of its goals and objectives. Exciting Career Opportunities

The management of kingfisher recruited over 2500 workers so that they could run over 10 new stores that were opened in the market. The recruitment of the labor force was to enable the company to keep up with the pace of the competitive market that require high quality products to be produced and the management of the companies to be carried out effectively. Valuing diversity The company’s management values the diversity and it actually promotes gender, age, disability and race of the presidents of the country.

For example the company’s workforce are composed of a quarter who are aged over 50 years while 22% of the workforce are under 24 years which is the most productive group in the country thus they lead to the success since they have the potential to do their duties and responsibilities effectively since they have the energy and stamina to work in any sector or industry in the country. Financial strategy and planning

The objective e of the strategy is to enable the management of the company to understand what it should achieve in future so as to generate revenue for the company and also to enable the management of the company to set out the necessary resources so as to facilitate the carrying out their activities effectively. It also provides a framework for allocating the resources of a company so as to support the corporate aims, objectives and their service priorities so as to enhance their carrying out of their activities effectively. Budgeting policies

It is a company’s representation of its financial position. The preparation of budget enables a company to allocate its resources effectively within the company’s aims and objectives. Monitoring, forecasting and reporting The management of the company regular monitors its activities so that they are carried out effectively. The line managers are charged with the responsibilities of monitoring the actual expenditure and income against the budget on a regular basis usually monthly so as to avoid deviation and hence implement corrective measures to overcome the deviation.

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Internal control for finance. (2020, Jun 02). Retrieved from https://studymoose.com/internal-control-for-finance-new-essay

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