Budgeting Process and Performance Analysis of Vershire

Budgeting Process and Performance Analysis of Vershire Company Description and Background Vershire Company is a diversified packaging corporation with various large divisions. Its most prominent segment; the Aluminum Can division, is one of the largest manufacturers of aluminum beverage cans in the United states. This case focuses on the budgeting process and performance analysis of Vershire. A major concern of the company is pleasing the customers as most of their buyers have several suppliers on hand, meaning that Vershire can be easily replaced if the customers expectations on quality, cost or service are not met. As a result, efficiency and low costs are top priorities to the company. The main problem of Vershire is that they are treat plants as profit centres instead of expense centres, which is an inefficient measurement of performance for manufacturing plants. Questions Vershire Companys Planning System Strengths: Divisional managers submit reports to predict outlook on sales and capital requirements five years forward as a part of the strategic planning process. This demonstrates the companys preparedness for future event predictions and its ability to formulate long term goals Sales forecasting are formulated at the corporate level and then sent to the divisional managers for analysis and fine tuning. This promotes more realistic and accurate numbers as the managers understand and know how each line functions personally Before the submission of budget plans, controller staff from the head office visits each plant to analyze the current operations and gives the opportunity for plant managers to explain their situation and reasoning behind their numbers, improving accuracy and usability of these documents Weakness: Corporate headquarters make fundamental assumptions such as new products, new plants, inventory carry overs, forward buying, and packaging trends, even though divisional managers are responsible for managing the division which lowers the accuracy of the forecast and decrease efficiency due to necessary corrections during review All division lines use the same method of forecasting regardless of size, which impedes on the accuracy due to the different customer base, products and demands each line possesses District managers determine the sales budgets rather than the plant managers even though it is the responsibility of the plant managers to achieve the goal and is tied to their performance report Vershire Companys Controlling System Strengths: Divisional managers are given full control over their own business with exceptions to the raising of capital and labour relations which are centralized at head office. This allows the opportunity for divisional managers to make necessary decisions that is specific to achieving their own objectives Quick and easy communication between various levels within the organization as there are few tiers in the division Consistent effort in meeting the companys budget as large unfavourable variances are to be made aware of on a daily basis by plant managers and variance analysis sheets are prepared monthly Weaknesses: Vershire focuses on profit for measuring the plant managers performance and to determine bonuses. This analysis tool is not efficient as there are other contributing factors to determine the effectiveness of plant managers May Divisional General Managers formulate preliminary report summarizing the outlooks for sales, income and capital requirements for the next budget year and evaluates trends anticipated for the two subsequent years for corporate management Rationale: Divisional General Managers possesses the most knowledge about their own region and is more equipped to create these documents. It also provides a rough idea of where areas of productions can be improved Central Market Research staff develops a more formal market assessment, examining the next budget year in detail and the following two years in general terms Rationale: Uses the information provided by the divisional managers to produce a more refined and detailed market analysis Central Market Research staff develops separate sales forecasts for each division and a combined forecast for the entire company Topics such as economic conditions and their impact on customers and market share for different products by geographical area are taken into account Fundamental assumptions are made to price, new products, changes in particular accounts, new plants etc. in order to produce forecast Rationale: Promotes uniformity in the formulation in all sales forecasts, determine areas for improvement, assesses areas where market share can grow, and ensures that overall corporate sales forecasts were both reasonable and achievable Divisional Managers compile their own sales forecast from bottom up with input from District Sales Managers to be submitted for review by the Vice President of Marketing Rationale: To review of the head offices sales forecast and mark any changes and additional investments needed. District Managers inputs are utilized as theyre most familiar with sales (more accurate estimates) Vice President of Marketing reviews consolidated sales forecasts and submits it to corporate level No changes are made unless the district manager agreed who is originally responsible for the forecast Rationale: Ensures the forecasts accurately reflects both the knowledge of the district manager and the vice president of marketing Process is repeated on the corporate level (approval from District Manager if needed) until budget figures are approved and become a fixed objective Rationale:Ensures that all levels of the company is agreement to the calculated figure and that the budget is sufficient to achieve company goals Overall sales budget is translated and broken down according to the plants from which finished goods would be shipped and sent to Plant Managers Rationale: Sales budget are sent to these plants as they are the ones to generate revenues Plant Managers then categorized the budget according to price, volume and end use Once categorized, the plant managers budget for gross profit, fixed expenses and pre-tax income Can request help for the Industrial Engineering Department to develop cost reduction plans Rationale: All cost standards and cost reduction targets are developed by the Industrial Engineering, therefore, it makes sure that numbers consistent and reasonable for input Before the submitting budgets, controller staff visit each plant and review plans with managers (usually takes half a day) until it is finalized and sent to Division Head Office Rationale: Gives opportunity for plant managers to reason their figures September Division Head office looks over budget and may return it to Plant Manager if discrepancy is found Will ask plant manager to looks for any additional savings if the budget is not quite in line with expectations When it is finalized, the budget will be sent to the Chief Executive Officer Rationale: Due to the plant manger having direct experience with the plants operations, it is necessary for them to make any changes for savings December Chief Executive Officer makes any modifications to the final budget if needed until it is sent it to the Board of Directors for final budget approval Final review and ensures that budget is appropriate for corporate goals Plant managers should not be fully responsible for profits as they arent able to control all aspects of the products profitability. Since profit is calculated from revenue subtract expenditures, plant managers should only be responsible for expenses, a measure that they can control. This includes direct material and labour, variable manufacturing overhead and fixed overhead budget. Revenues are usually controlled by the sales department; which possesses control over the price, sales mix, and delivery schedules of products. Also, since the sales managers opinion is always favoured over the plant manager due to satisfying the customer, it negatively affects the plant managers ability to control profit and efficiency in output costs. In Exhibit 2, the evaluation system focuses on the profits of Vershire which includes revenues and expenses. Since plant managers have no control over the revenue aspect of products, the information provided does not properly evaluate the efficiency and effectiveness of the plant. Factors such as variances in sales price, sales mix, and sales volume are solely handled by the sales department with no input from plant mangers, making results unreliable and irrelevant. In Exhibit 3, the individual plant level reports give a more detailed insight of the variances shown in Exhibit 2. Once again, it does not provide an accurate representation of the plants performance as it includes variables that are uncontrollable by the plant manager such as sales. Regarding divisional level reports, the comparative profit performance analysis focuses on net sales while the comparative manufacturing efficiency analysis compares varying sized plants that produce different products together, making it another unreliable and inaccurate source of analysis. Some changes I would recommend for Vershire company are to redesign how bonuses are given to plant managers as the current measurement mechanisms do not accurately reflect performance, improve comparisons of manufacturing efficiency between different plants due to the varying size and product offering of each plant and improve communication across the tiers in order to minimize error corrections and time for budget reviews. Possible solutions include organizing meetings to include all managers and corporate levels to discuss about the companys performance, relate managers performance with cost reduction measures to determine bonuses, and develop a universal measurement unit to fairly compare plants together. Conclusion In conclusion, Vershire Company should reconfigure its measurement mechanisms in order to truly analyze the performance levels of the company and begin treating its manufacturing plants as expense centres rather than profit centres. Therefore, Vershire can gather more accurate and reliable information to use for achieving objectives.

Audit Working Papers

Audit Working Papers Presented By: Kanza Masood Presented To: Miss Iram Butt Semester: Semester 6 Date: 18th Feb’13 Course: Audit Internal Control ————————————————- Audit working papers Audit working papers  are the documents which record all  audit evidence  obtained during  financial statements  auditing, internal management auditing, information systems auditing, and investigations. Audit working papers are used to support the audit work done in order to provide assurance that the audit was performed in accordance with the relevant auditing standards.They show the audit was: * Properly planned; * Carried out; * There was adequate supervision; * That the appropriate review was undertaken; & finally and most importantly; * That the evidence is sufficient and appropriate to support the audit opinion. Audit working papers are the  property  of the  aud itor. In order to keep  professional ethic, it cannot discover to third party without consent of the client unless limited specified situations mentioned in  ISA 230 Documentation  and required by  law, the examples are  court order, for  public interest  and so on.The forms of documentation may be  flowchart,  manual,  narrative note,  checklist  or  questionnaire. ————————————————- Proper features of working papers * Reviewed by auditors with supervisors noted. * Signed, dated and approved by relevant level of audit staff with sufficient cross reference. * With evidence of effective audit planning, work done, sufficient and quality evidence. * Outstanding matters are cleared in due course. There are a number of companies who offer electronic working paper tools for accountants.The leading providers include: Wolters Kluwer, CaseWare, Thomson, Dat a Prime Solutions, WorkPapers. Pro and Saltlake Infosolutions. Their products are TeamMate, CaseWare Working Papers, Engagement CS, Draftworx, WorkPapers and APEX Audit System respectively. Audit Working Paper Format 1. The diversity of audit assignment prevents the establishment of a single system or design of working papers to be used. Therefore, a uniform working paper format may not be used but work papers for functional areas such as cash receipts should display conformity in various types of audits. 2.Work papers may be in the form of paper, tapes, disks, diskettes, films, etc. There should be backup copies of electronically generated working papers. The backup copies should not be stored with the original copies. ————————————————- Purpose of working papers Working papers are the evidence of work done by the auditor, he should prepare working papers in order to provi de evidence that audit was properly performed according to ISA standards. Working papers support auditor, in-case he is being sued in court by the client, for negligence of audit work. ———————————————— Importance of working papers 1. Working papers are instruments vital to the successful accomplishment of all audit assignments performed. The working papers provide documented evidence of an examination and evaluation and provide a connecting link between the work which is performed and the final audit report. Hence, their importance cannot be overly emphasized. 2. To a major extent, every auditor is judged by his skill and ability in preparing working papers.When working papers are prepared in good form with proper attention to layout, design, and legibility, with complete headings, explanations of sources, and verification of work performed, they create a feeling of confid ence in the ability of the staff member. Working papers should always convey an impression of system and order and conscientious attention to detail, coupled with a clear distinction between the important and the trivial. 3. Another test of good working papers occurs when it is necessary for one staff member to leave a partially completed assignment and turn it over to another staff member.If the latter can proceed without confusion then the working papers have stood the critical test of being able to stand on their own. 4. Every auditor will be expected to continuously strive for the highest standards of excellence in the preparation of working papers. ————————————————- Purposes served by Auditing working papers 1. Audit working papers serve four major purposes: A. They constitute a permanent record of the objectives and scope of the audit, as well as the work performed d uring the audit. Work papers organize and coordinate all phases of the audit.B. They contain the back-up material in support of the audit findings, conclusions, opinions, and comments. C. They contain the basic material from which the audit report is prepared. D. They reflect the quality and reliability of the work performed by the auditor and substantiate and explain in detail the opinions and findings presented to University management. 2. Working papers have a number of additional uses both during and after the audit. These are to control audit progress by showing the auditor what audit procedures have been completed and what audit procedures have not been completed.Working papers also provide: A. A basis for study of patterns and trends. B. Aid in the internal audit staff's professional development. C. Detailed supporting material for use in discussion with operating personnel. D. A source of evidence in litigation and in administrative actions. E. A basis for supervisory review and evaluation of audit performance. F. A permanent record for use in planning and carrying out future audits. G. Demonstrate that auditors have complied with the Standards for the Professional Practice of Internal Auditors. ————————————————-Planning and Preparing Auditing working papers ————————————————- 1. The preparation of audit working papers must be planned so that they will substantively fulfill the purposes mentioned in Section 1003. An audit program provides much help in the planning of working papers. The program reflects the objectives of the audit and the nature of the information required. Thus, many of the areas of inquiry are identified as well as the general types of working papers that will be needed to record the work performed in those areas.H owever, methods of operations are never precisely the same in two â€Å"like† organizational elements, nor are the circumstances under which the operations are carried out identical. For this reason, audits of similar organizations and activities should not be performed exactly alike nor should stereotyped working papers be prepared. ————————————————- 2. Each section of the working papers must be planned to satisfy some requirement of the audit program. When the audit is completed, the working papers should contain data needed to fulfill all of the objectives of the audit.Adequate planning of working papers requires the auditor to: ————————————————- A. Determine the nature and extent of the information that will be needed to comply with the audit objective s and to plan the format and preparation of working papers that will be needed to record this information. ————————————————- B. Index and file all work papers according to Audit Workpaper Checklist. ————————————————- C. Devise legends (symbols) and a method of cross-referencing.Where applicable, the standard tickmarks developed by Audit and Management Services should be used. ————————————————- 3. Thought should be given in preparation of working papers to their potential use as exhibits in an audit report. ————————————————- ——â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- ————————————————- Principles and Methods of Documentation ————————————————- 1. Working papers are the basis on which the entire audit rests.Since these papers are, in fact, the documentation of the audit, thoroughness in their preparation is essential. ————————————————- 2. Describing the Work Performed. By fully describing the work you have performed in your working papers, you are able to render a complete accounting of the scope and depth of your coverage. Each working paper should identify the following: ————†”———————————- A. Scope. Your conclusions usually result from selective tests.By clearly showing the scope of the work performed, you are able to support your conclusions and where probability sampling is used, support the projection of conclusions drawn from selective tests to the entire subject area under audit. In the examination of documents, the scope must identify the size of the sample, the universe from which the sample is drawn, the method of selection, and the basis for these decisions. When sampling methods are used, the sampling plan must be carefully explained. ————————————————- ————————————————-Working Paper Format of Auditing Working Papers ——— Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 1. The diversity of audit assignment prevents the establishment of a single system or design of working papers to be used. Therefore, a uniform working paper format may not be used but work papers for functional areas such as cash receipts should display conformity in various types of audits. ————————————————- 2. Workpapers may be in the form of paper, tapes, disks, diskettes, films, etc. There should be backup copies of electronically generated working papers.The backup copies should not be stored with the original copies. ————————————————- ———————————————â€⠀- Contents of Auditing working papers CONTRACT LETTER: The working papers contain the contract letter. This letter gives right to a person to a start work of audit. It states the terms and conditional of appointment of an auditor. The nature and amount of work is recorded. This letter becomes a part of audit working papers. 2. AUDIT PROGRAMME: An audit programme is a detailed plane of action to be used for audit. It is a time table of staff duties.The books to be examined are stated in audit programme. Every audit work requires programme and then master audit programme is prepared to cover all activities. 3. AUDIT NOTE BOOK: The audit notebook is a part of audit working papers. It may be bound book or loose-leaf card form. It contains useful information about the business enterprise. When audit report is drafted this book provides data for such report. The weak points like missing vouchers, queries not settle are stated in it 4. COPIES OF DOCUMENTS: The copies of various documents are included in audit working papers.The partnership deed, article of association, memorandum of association, trust deed, lease contract and similar other papers are collected from the management. These papers are useful to determine the performance of business work. 5. COPIES OF CRRESPONDENCE: The copies of correspondence become part of audit working papers. The auditor can write letter to other parties. The replies can be received from debtors and creditors. The audit staff must keep the exchange of letter between auditor and other people 6. SCHEDULE OF DEBTORS: The client provides the schedule of debtors.This list is compared with the books of accounts. The auditors can confirm the balance from various debtors. He collects facts and figures by writing letters to the customers 7. STOCK CERTIFICATE:   The stock certificate is received from the management. The auditor can watch the stock taking process. When the stock is lying in public warehouse, the certificate of warehouse kee per is accepted for audit 8. COPIES OF PREVIOUS AUDIT: The auditor can collect copies of previous audit reports. These papers become part of audit working papers. The auditor can note the weakness stated in the old report.He can examine that same points are not repeated in the books under review. 9. RESOLUTION COPIES: Auditor collects the copies of resolutions. These copies are part of working papers. These copiers are part of working papers. The decisions made by the directors and shareholders are implemented in preparing of books of accounts. The auditor can determine whether such decisions are implemented. 10. DEPRECIATION: The audit working papers contains the particulars of depreciation. The rate of depreciation can be applied through out the life of an asset.The reasonable amount of depreciation can be charged every year. The auditor can determine the exact amount of depreciation. 11. INVESTMENTS: The management can buy and sell shares and debentures of different companies. Th e investment can be exchanged through brokers. The register of investments shall the purpose to collect various particulars relating to investments 12. MANAGEMENT CERTIFICATES: The management may provide certificates to the auditors. This certificate becomes a part audit working papers. The certificates may relate to inventory valuation and similar other matters.The auditor can rely these certificates in preparing audit report. 13. DETAIL OF QUESTIONS: The auditor can ask the number of questions to the management. The details of question asked are recorded in the audit working papers. The questions not properly answered are included in the audit report. The queries settled may be dropped from the papers. 14. OTHER PAPERS: The audit working papers may contain other papers. The auditor can collect information from experts like stock values, engineers, advocates and other consultants. These papers furnish valuable facts and figures about the financial information. ——†”————————————— Ownership and Custody of Auditing working papers Working papers are the property of the auditor, and some states have statutes that designate the auditor as the owner of the working papers. The auditor's rights of ownership, however, are subject to ethical limitations relating to the confidential relationship with clients. Certain of the auditor's working papers may sometimes serve as a useful reference source for his client, but the working papers should not be regarded as a part of, or a substitute for, the client's accounting records.The auditor should adopt reasonable procedures for safe custody of his working papers and should retain them for a period sufficient to meet the needs of his practice and to satisfy any pertinent legal requirements of records retention. —————————————†”——- Confidential Nature of Auditing working papers 1. Information obtained through audits should be treated as confidential not only as to outsiders but also as to employees of the entity audited who would not otherwise have access to the information.Further, the working papers include information concerning the scope of the examination and the extent of selective tests made, and this information should not be available to the staff of the audited entity. Therefore, audit working papers should be safeguarded at all times against the possibility of their being examined by unauthorized persons. 2. Client or outside agency request to review Audit and Management Services work papers must be approved by an appropriate official.

Essay Topics for Old Man and the Sea - Overview

Essay Topics for Old Man and the Sea - Overview Top Essay Topics for Old Man and the Sea Secrets Inside my visit, I attended alone to get an experience of the well-known Beach. Santiago's character is a great model for us. Image of the nation is extremely important because the very first image of the tourist will look the environment of that nation. This has turned into one of my favourite units to teach students. The Principles of Essay Topics for Old Man and the Sea You Can Benefit From Starting Right Away The bodies of many of the species are laterally compressed, resulting in the ventral scales to be low in proportion, reducing their ability to crawl on property. Mankind should realize some meaningful solutions to be able to deal with the threat of global warming. In some regions of the planet, seas have gotten so polluted that ecosystems are in danger. Therefore, coastal erosion is the major environmental unfavorable effects of sea level rise. By way of example, as seen in Temwaiku, there are several homes that have been damaged as a result of coastal erosion. The ecosystem is extremely important. Additionally, there are usually too many different assignments to accomplish. Illustration dissertation might be here to ensure you establish an important one of a kind problem exists. Meeting Emeline Pratt would answer a number of my questions. Following are various sorts of essay topics for students that are categorized in many sections so you can easily chose the topic according to your need and requirement. In the event the tourists have the terrible image of the nation is likely to make the economic of that country will decrease. The principal region of the story occurs in the sea. Sea-going adventure and an opportunity to observe th e world also appeal to numerous seafarers. This faith permits him to continue the duel. In society, everyday there are those who strive, sweat, and bleed so they can fulfill certain shallow ambitions in life as a way to acquire acceptance for a consequence of achievement and to prevent humiliation due to failure. The whole human civilization lives on the rest of the one-fourth region of earth. Now the 1 trophy that could proudly display his worldly efforts is wholly picked apart. The profit of they receive from the farm are just a few, that's not sufficient to manage the waste. It isn't easy to form a corrective thought of a beach without having seen one. It isn't simple to ignore the wonderful experiences the beach poses. The beach is just one of the greatest places for entertainment and fun for adventurous men and women. The guests aspire to watch a rock the size of two Empire State Buildings collapse on a canyon floor about 650 feet below once the glacier that is holdi ng this up finally melts. As you start your journey north, you'll have sweeping views of Howe Sound on a single side of your vehicle and the towering Coast Mountains on the opposite side. The Sea-to-Sky Highway is among the world's finest drives. It is among the well-known restaurants in Aruba and should you neglect to come here, you will miss a terrific dining experience in your life. Among the happiest days of my life is my very first trip to the seaside. The Fundamentals of Essay Topics for Old Man and the Sea Revealed Despite the fact that the overwater rooms themselves are very new, they appear to hold lots of promise. Reviews are extremely strong with the majority of guests saying how they loved their experience at the resort and anticipate returning for another stay down the road. The beach is full of all types of people, the young and the aged clad in bath suits of distinct colours. When you look around, you will discover tall coconut trees. Oddly, the form of the leaves did not seem to coinc ide with the descriptions of the American sea rocket which I expected to find. So suffocation of animals will occur. The sea may also be described as many animals, including lions, bulls, merely to name a couple. For the rare animals, it will get extinct. It's a large, wavy mass of water of the absolute most peaceful colour it is possible to think about. What people might not understand is that sea pollution affects not just the seas and oceans, but additionally it impacts the full earth. A whole lot of mystery has ever been connected to the sea. The Little-Known Secrets to Essay Topics for Old Man and the Sea In the very first stanza, the poet mentions the way the sea is like a dog, thus supporting this connection with the latter region of the poem. This poem, with the assistance of several onomatopoeias and enjambment, is extremely scenic and lovely. The man does not have any doubts about his destination, and this is the place where the magic of perception arrives to action. Being a real sea man of course supplies an opportunity to earn decent money.

Describe the position of black people in the USA in 1945.

Blacks in the USA in 1945 were not considered as equal; the treatment of people was based on their skin colour, a practice that had been going on for many years before, even after the Reconstruction of society after the Civil War in which the blacks were liberated from slavery. In theory, blacks were free to work and live where they wanted, but the figures at the time told a different story: by 1960, around 17% of the workforce of white-collar workers, i.e. professional, technical, administration, etc., were blacks, while the whites remained the majority at 47%. The blue-collar work, such as craftsmen, manual labourers, etc. - jobs that are renowned for needing less skill and education - had 40% of the workforce as blacks, and 36%†¦show more content†¦The Plessy vs. Ferguson (1896) case was when Homer Plessy refused to sit in the coloured car of a train and sat in the white section instead. The case went to Supreme Court, and they ruled that Plessy was guilty and sentenced h im to pay a fine or go to jail. This was considered the most shameful ruling of the Supreme Court in history; it shows the extent of the discrimination against blacks, even after slavery was abolished- even though Plessy was 1/8 black and 7/8 white, he was still considered as black in the eyes of the Louisiana law. Although many people thought that this ruling was shocking, there wasnt much that could be done, since they did not have a definite leader to show them what the do; everything that the movement did was relatively unorganised, with maybe one person leading the others. People such as Martin Luther King Jr. and Booker T. Washington tried to unite blacks under one leadership, but it did not work, because everyone has different opinion on what should be done about the discrimination problem. Dr Martin King Jr. was a black leader that advocated peaceful resistance; because of this, many whites accepted him because they knew that he would not cause violence, but blacks did not like this as peaceful protest couldShow MoreRelatedEssay about United States Policy toward Southeast Asia3632 Words   |  15 Pagesin which the subjugated nations of Asia would prepare themselves for self-government, under the supervision of the imperial nations. FDR had ‘genuine humanitarian principles’[1] and was aware of the conditions under which colonial people sometimes lived. He also realised that the colonial system was detrimental to US interests. 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