BUSINESS ANALYSIS

Business Analysis



Business Analysis

TASK 1

Swiftprint Ltd

a)

Internal control procedures are to be an integral part of the financial and business processes and are not a superimposed set of requirements. The financial and business processes of the Swiftprint Ltd are to be developed and operated under a system of internal control that:

Safeguards Swiftprint Ltd assets

Checks the accuracy and reliability of accounting data

Promotes operational efficiency and effectiveness

Protects Swiftprint Ltd personnel

Ensures adherence to prescribed managerial policies

Ensures compliance with applicable policies and regulations

Complies with the Fiscal Control and Internal Auditing Act of 1989

Development And Implementation

Administrators who have the responsibility for developing, operating, and supervising financial systems, also have the responsibility for developing and implementing adequate internal control systems. All internal control procedures are subject to the review of the Executive Director of the Office of Swiftprint Ltd Audits or delegate (see Section 9.3, Internal Auditing).

All internal control systems are to conform to generally accepted characteristics. These characteristics are:

Organizational plans that provide appropriate segregation of functional responsibilities.

Authorization and record-keeping procedures that give reasonable accounting control over assets, liabilities, revenues, expenses, and other changes in the balance of funds.

Sound practices that insure a high degree of compliance with approved authorization and record-keeping procedures.

Employees with capabilities sufficient to execute their prescribed responsibilities.

b) Key Performance Indicators

Many things are measurable. That does not make them key to the organization's success. In selecting Key Performance Indicators, it is critical to limit them to those factors that are essential to the organization reaching its goals. It is also important to keep the number of Key Performance Indicators small just to keep everyone's attention focused on achieving the same KPIs.

That is not to say, for instance, that a company will have only three or four total KPIs in total. Rather there will be three or four Key Performance Indicators for the company and all the units within it will have three, four, or five KPIs that support the overall company goals and can be "rolled up" into them.

If a company Key Performance Indicator is "Increased Customer Satisfaction", that KPI will be focused differently in different departments. The Manufacturing Department may have a KPI of "Number of Units Rejected by Quality Inspection", while the Sales Department has a KPI of "Minutes A Customer Is On Hold Before A Sales Rep Answers". Success by the Sales and Manufacturing Departments in meeting their respective departmental Key Performance Indicators will help the company meet its overall KPI.

Financial And Control Procedures

A financial transaction control is a procedure that is intended to detect and/or prevent errors, misappropriations, or policy non-compliance in a financial transaction process. Control procedures help an organization achieve its mission and strategic objectives by ensuring resources are effectively collected and used, and accurately accounted for.

A control procedure may be performed by either an individual or as part of an automated process within a financial system. A control procedure is effective only if there is adequate separation of duties between individuals performing the different control responsibilities in the ...