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Delima Essay

756 words - 4 pages

Delima Enterprise Sdn. Bhd. was founded by En. Zayed in 1981. It conducted trading and supplying related products including manpower supplies to the oil and gas industries. The two principal shareholders and controlling directors were En. Zayed and Puan Hashimah. The company’s corporate mission was to become a leading service contractor and provide quality products and also excellent services. In this Delima case, the company had secured a contract worth RM 750,000 to be implemented over duration of 6 months in May 2006. Due to shortage of fund, the company needs to apply loan from Malayan Banking Berhad and CIMB totaling RM 1 million. In order to get the loan, they had to ...view middle of the document...

Regarding this problems, segregation of duties is important in a company’s management as to avoid any task redundancy, fraud, negligence, power abuse, inefficiency and work delay. Moreover, it is to ensure the management works efficiently and effectively. Cik Amy is been assigned to numerous workload and some of the works are not within her job description as a Finance Executive, En. Zayed should segregate Cik Amy’s workloads to other personnel according to the relevant job descriptions.
The third problem in Delima Enterprise Sdn. Bhd. is there was no Standard Operating Procedure (SOP) being practiced. There were withdrawals of company’s money and decision and authorization made by the directors on its own without proper documentation. The problem faces by the Delima Enterprise Sdn. Bhd can be solve if the company implement some sort of internal control system in all activities. A system of internal control consists of policies and procedures designed to provide management with reasonable assurance that the company achieves its objectives and goals. Standard Operating Procedure (SOP) is one of the internal control systems that can be implemented by the company. A SOP is a set of written instructions that document a routine or repetitive activity followed by an organization. The development and use of SOPs are an integral part of a successful quality...

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