Audit and Internal Control Essay Example | Topics and Well Written Essays - 1750 words - 1

Audit and Internal Control - Essay Example There are no hard and fast rules for auditing, which can be prescribed for all the countries. These rules can be different for different countries according to their needs and cultural settings. According to ICAEW (2002) with all the contrasts present in the rules and regulations of different countries emphasis is given to generic auditing principles of responsibility, accountability, transparency and fairness. "Inventory controls are designed to ensure the safe custody. Such controls include restriction of access documentation and authorisation of movements regular Independent inventory counting and review of Inventory condition." (BPP, 2008) Recording of Inventory: In order to effectively control the Inventory on the basis of book inventory it is important to segregate the duties of custody and recording of inventory. It is important to check if the pair of shoes are checked and recorded at their reception. Inventory issues are supported by appropriate documentation. It is also important to maintain Inventory records such as Inventory ledger, Bin cards and Transfer records. The physical counts of the inventory should be recon ciliated with the computed amounts. The transactions having high values should be analyzed. The inventory items should be divided into different divisions according to group, location, type, etc. The inventory age should be calculated by the date of receipt. The sales transactions should be checked according to the prices, quantities, extension and totals in the sales register. There is not any evidence of issuing the invoices to the customers. The sales transactions should also be checked according to the sequential numbers of blank invoices and regular sequential checks. The sample of the inventory movement records should be taken and cross checked with the goods received and dispatched according to the

Old Spice verses Axe - Which is More Effective Research Paper

Old Spice verses Axe - Which is More Effective - Research Paper Example Some of the respondents answered that sexuality is natural and therefore it is alright to use axe for these experiences while other respondents felt annoyed that these aspects must not be used for commercial advertising. Axe incorporates much higher tendency of sexuality in its commercials while old spice keeps it moderate. Perhaps due to this reason, the effectiveness and popularity of old spice is way higher than axe till date. Brand Extension is defined as that marketing strategy of a company in which the company uses the same brand name for different products. An example of Dove can be taken in this regard. The company uses the same brand name that is ‘Dove’ for all its products which include bar soap, face wash, hand wash, body wash, shampoos, conditioners, deodorants, moisturizers, hair color etc. The original brand name is Dove which is used for the entire product range of the company. Line Extension is that marketing strategy where the company uses the same brand name for launching new variants of the existing products. In this case, the company can introduce new flavors, colors, sizes, forms, packaging, added ingredients etc. An example of ‘Maggi’ can be taken in this case. The company uses the same brand name for all the new variants it launch be it noodles, soups, flavorings anything. Private Brand is those products which are produced, marketed, distributed and controlled by retailers. There is the famous example of Private Brand in U.K. the most popular examples are ASDA, Sainsbury, Tesco which produce, control and market products by their own names. There is a number of products produced and marketed by these famous stores.