Internal Audit of Fuller Smith & Turner plc - Essay Example

Comments (0) Cite this document
Summary
We perform an internal audit of Fullers Smith & Turner plc (Fuller's) and identify areas of their marketing they should improve. The audit will use two well-known strategic analysis techniques called the SWOT and PESTEL analysis that we explain briefly prior to a short discussion of the firm's background.
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92% of users find it useful
Internal Audit of Fuller Smith & Turner plc
Read TextPreview

Extract of sample "Internal Audit of Fuller Smith & Turner plc"

Download file to see previous pages The aim of the audit is to see the need for corrective action by top-level management on its policies. The idea is to stimulate mutual discussion between outside auditors and insiders (management and employees) who implement goals and find ways of improving the present situation. Its objective is therefore not only to correct the present way things are done, but probably more important is the good that the process can do to everyone involved, like the conduct of surveys of the present situation and the roundtable discussions that would be based on facts instead of opinions (Kondo, 1988, p. 15-16).
An internal audit serves an educational purpose and offers management a chance to review those facts of the firm's strategies and operations that may reflect on management, employees, and other stakeholders. One positive effect of an audit is contributing to the way employees improve relationships with each other and understanding the work they do.
There are different ways of doing an internal audit. ...
The simplest is to gather data from periodic strategic and operational reviews, but the firm can also commission the use of other tools such as employee and customer satisfaction surveys, performance excellence models, and benchmarking (Witcher, 2003).
Three highly popular techniques we can use audit the firm and the business environment where it operates are the SWOT analysis (Andrews, 1987; Ansoff, 1965; Chandler, 1962), the PESTEL analysis (Steiner, 1979; Andrews, 1987), and Porter's Five Forces model and Generic Strategy (Porter, 1980 and 1985).
SWOT/PESTEL Analysis
For this first part, we combine the SWOT/PESTEL approach. The SWOT analysis is so-called because of the acronym of the four factors required for assessing the organization's internal (Strengths and Weaknesses) and external (Opportunities and Threats) environments. The PESTEL analysis considers six environmental factors that affect the enterprise and its business: Political, Economic, Social, Technological, Environmental, and Legal. We will combine the PESTEL factors with the SWOT analysis factors to audit Fuller's.
Porter's Models
Porter (1980, 1985) proposed the Five Forces model that helps a firm analyse its environment and design its competitive strategy by choosing one of three generic strategies. The five forces are bargaining power of suppliers, bargaining power of buyers, threat of substitutes, the intensity of rivalry, and the threat of new entrants. The three generic strategies are over-all cost leadership that allow the firm to compete on the basis of price by achieving efficiencies by minimising costs and attaining economies of scale; differentiation by way of brand image, technology, features, uniqueness, or the quality of service support, any of which enables the firm to charge a ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Internal Audit of Fuller Smith & Turner plc Essay”, n.d.)
Internal Audit of Fuller Smith & Turner plc Essay. Retrieved from https://studentshare.org/miscellaneous/1531051-internal-audit-of-fuller-smith-turner-plc
(Internal Audit of Fuller Smith & Turner Plc Essay)
Internal Audit of Fuller Smith & Turner Plc Essay. https://studentshare.org/miscellaneous/1531051-internal-audit-of-fuller-smith-turner-plc.
“Internal Audit of Fuller Smith & Turner Plc Essay”, n.d. https://studentshare.org/miscellaneous/1531051-internal-audit-of-fuller-smith-turner-plc.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Internal Audit of Fuller Smith & Turner plc

Business Report for Consideration by The Directors of Fuller, Smith & Turner Plc Based on a Two Year Comparison

...? Assignment in Accounting and Finance of the of the Q Business Report for Consideration by The Directors of Fuller,Smith & Turner Plc Based on a Two Year Comparison and Analysis of Financial Statements The financial health of a business enterprise is usually seen and interpreted through its two main financial statements, namely, the Income Statement and the Balance Sheet. While the income statement shows the sales and other revenues, cost of goods sold, the various expenses and the net profit or loss that the business has earned over the year, the balance sheet gives a picture of the assets, liabiities and owners’ equity of the business by the end of the financial year....
16 Pages(4000 words)Assignment

Financial Performance Analysis of Fuller Smith and Turner Plc Group

...?Question No Financial Performance Analysis of Fuller Smith and Turner Plc Group Ratio analysis is a very accurate and reliable tool when it comes to analyzing the financial outlook of an entity. The primary reason to conduct a ratio analysis is to quantify the results of the operations of a company and compare them with that of the prior year(s) in order to assess different aspects of the financial feasibility. The ratios can be divided into various categories such as profitability, gearing and liquidity, each focusing on a different area of the financial outlook of the organization and highlighting the company’s performance. These analysis form an integral part of the...
11 Pages(2750 words)Essay

Technology to Improve Internal Audit

...? Research Table of Contents Table of Contents 2 Introduction 3 2. Literature Review 3 2 New methodologies in use 3 2 1 Computer assisted audit techniques 4 2.1.2 Analytical Auditing 4 2.1.3 Expert System 5 2.2 Information System Auditing 5 3. Methodology 6 3.1 Research Objective 6 3.2 Research Methodology 7 3.3 Instruments Used 7 4. Conclusion 7 Name of the Student: Name of the Professor: Course Number: Date of the Paper: Technology to Improve Internal Audit 1. Introduction The internal audit is defined as the process of an autonomous appraisal function that is established within the organization to evaluate and examine...
5 Pages(1250 words)Research Paper

Environmental audit Tesco Plc

...? ENVIRONMENTAL AUDIT Table of Contents Executive Summary 3 Introduction & Background of the Company 4 External Business Environment Analysis 5 PESTEL Analysis 5 Five Forces Analysis 7 Value Chain Analysis 8 Internal Business Environment Analysis 8 SWOT Analysis 8 Critical Evaluation of Company’s Strategic Position 10 Conclusion and Recommendations 11 References 13 Executive Summary The company chosen for study is Tesco Plc which is the biggest multinational general merchandise and grocery retailer in United Kingdom. The company is listed on London Stock Exchange and has over 6350 stores globally. It is also a constituent of FTSE 100 Index. The company is headquartered in Chestnut,...
7 Pages(1750 words)Coursework

Audit and Internal Control

... that will be adopted include the encryption of the data and security audits. References Marie, B. L. 2008. Controlling Physical and Remote Control to Your Computer. 2nd ed. London: McGraw-Hill, 23-25. Nikoltos, I. K. 2008. Averting Computer Crimes in Banking. Computer Crime Research Centre, 23(6), 9-10. Smith, H. D. 2009. How to Prevent Unauthorized Computer Access. New York: Willy & Sons, 78-84. Wilkinson, F. S. 2009. Computer Security in a Risk Society. 4th ed. Cambridge: Cambridge University Press, 57-59.... Introduction With the expansion of its operations and the opening of more branches, Bournemouth Manufacturing Plc is planning to install a new computerized system to merge all its activities. All...
7 Pages(1750 words)Essay

Internal Audit / Accounting

...Internal Audit Accounting Capital investment decisions encompass two aspects of long-range profitability: first, estimating the future net increases in cash inflows or net savings in cash outlays which will result from the investment; and second, calculating the total cash outlays required to effect the investment. The main risks for GenCo is that its main supplier, the State Coal Company, has a monopoly over coal supply in the country and that the State Power will retain the balance of shares. According to the agreement the prices will be fixed for the next two years, but a power sales contract for the output of the plant is available for three years. If the State Coal Company decides to raise the price...
4 Pages(1000 words)Essay

Audit and Internal Control

...for the returned sales and the returned purchases at the outlets which are not counted in the present inventory system. This can lead to the wrong valuation of the inventory. There are also chances of the theft of the items being returned by the customers. On the other hand purchases returned can also lead to miscalculation of the inventory. There is also no evidence of the implementation of the cut off procedure being implemented by the organization. The procedure to ensure the movement into, with in and out of inventories are not properly identified and implemented. The inventory should be valued by using AVCO method as FIFO can be implemented at the ware house rather than the Blessmore Plc. The new...
7 Pages(1750 words)Essay

Fuller

...Fuller: Generalship and Age DEPARTMENT Fuller: Generalship and Age It is almost an established fact that there may be a strong link between success and age. The age when one is considered young is when one is thought of as being strong enough to undergo certain activities in certain ways. The ages when one is really considered young may differ from person to person. As it touches on generalship and the rate of performance, Fuller, in his appendix, seems opined that it is between the ages of thirty and forty-nine.1 According to him, this is the age when most generals are found to be most efficient. Yet, as this position is not exactly corroborated in the body of his book, it may not be...
2 Pages(500 words)Assignment

Internal Audit

...this task, auditors must access documents and related files containing information regarding to individual workflows. In case of limited clarity, auditors may be forced to mix up documents from different departments as a means of facilitating reconciliation of ledgers (Kothari & Smith, 2004). Undeniably, mixing of files coupled with restriction of employees to work stations will cause substantial disorganization and even loss of documents. After completion of an internal audit exercise, managers and staff members will be forced to sort out mixed-up documents and at the same time required to recover the time wasted during restricted access to facilities. 5. Hypothesis With respect to...
5 Pages(1250 words)Research Proposal

Audit & Assurance: Internal Control Deficiencies

...and at the same time rely on internal auditors employed by the organization. Discussion Introduction of the report EFS (Emerald Fitness Studio) deals with the sale of fresh foods and beverages and operates a chain of several stores. This report provides a case analysis of a company known as Emerald Fitness Studio. The report will also highlight various issues related to internal controls in the organization. In addition, the report will highlight the concept of risk based audit and how it can be used to solve the problems affecting EFS. Another issue discussed in the report is the various elements of internal control, as well as the roles of auditors and statutory...
7 Pages(1750 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Internal Audit of Fuller Smith & Turner plc for FREE!

Contact Us