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Analyze the Problems in the Department Using Applicable Techniques

Essay by   •  August 4, 2019  •  Course Note  •  321 Words (2 Pages)  •  546 Views

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Testing 123

a) Analyze the problems in the department using applicable techniques.

For Accounting and Finance department, there are several of the issues that arise in this department. First of all, the company was operating conundrums were reflected in the unaudited account which means that the financial statement of the company have not subjected to an independent verification and review process by the certified auditor. The unaudited financial statements also not showing the true and fair view by the auditor which means that it might not give a better assurance for the shareholders and investors of the company. There might also have potential of material misstatement to company’s financial statements if the financial results are not audited by the auditor. Thus, indirectly some of the investors of the company might loss of confidence to the company as there are possibility of occurrence material misstatements in the financial results which would give a negative assurance for them and causes them to believe that financial statement contains material misstatement and possibility of the fraud.

Besides that, the company also spend too much on advertising and promotion. The amount of advertising and promotion expenses is up to $5 million in year 2018 which have increase more than 300% (317%) from year 2017 which only used up $1.2 million. This would give an evidence that the company was lead by example. The market leaders, Nestle and Unilever were assumed to have been investing heavily in research and development, advertisement and promotion. However, the significant increase of the cost of advertising and promotion or heavily invested in advertisement and promotion did not helping for the company to turned out well their financial performance as its revenue was declined by 7% in year 2018. This means company would have to bear the heavy burden on the cost of advertisement and promotion by year to year despite the sales of the company have not much increasing or effectively growing up.



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