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Mba Student Essay

3636 words - 15 pages

Competition Bikes, Inc.
Competition Bikes, Inc. makes bicycles for professional and other highly accomplished riders who compete in bike races, biathlons, and triathlons. Sixty percent of all race winners have been victorious using a Competition Bikes, Inc. bicycle when at least ten percent of the entrants were also using a Competition Bikes, Inc. bicycle. This extraordinary success rate consistently is a topic of conversation among racers and this word of mouth advertising has been effective in promoting sales. The company also uses these statistics to promote sales, although its advertising efforts have been quite limited.

The Main Competitor
Two Wheel Racing, Inc. is the only other ...view middle of the document...

The following is an excerpt from the operating manual that outlines the process used to order and receive component parts. “The purchasing department will issue a purchase order to the supplier based on the monthly budget projections. Purchasing checks with three sources for similar quality materials and selects the low bidder from the three. The purchase order is sent to the supplier by the Purchasing Department on the first of the projected month. Upon receipt of the goods they will be brought to the production line for use during the month. Any unused parts are sent to the raw materials inventory stores on the last day of the month. Purchasing sends the supplier’s invoice to accounting and accounting writes a check to pay the invoice. “

Competition Bikes, Inc. is required to conduct an annual audit since the company shares are traded on the Philadelphia Stock Exchange. The following excerpt was printed in the last annual report issued by the auditors to the shareholders. “A material weakness is a control deficiency, or a combination of control deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.”

Sarbanes Oxley Compliance
Management is responsible for ensuring the internal control processes prevent material misstatements from being reported in the financial statements. They also must provide a Report on Internal Control that is published in the annual report. The following excerpt from the Competition Bikes, Inc. year end report indicates no material weaknesses existed. “The management of Competition Bikes, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting. Competition Bikes, Inc. internal control system was designed to provide reasonable assurance to the company’s management and board of directors regarding the preparation and fair presentation of published financial statements. Competition Bikes, Inc. assessed the effectiveness of the company’s internal control over financial reporting as of December 31, Year 8. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal ControlIntegrated Framework. Based on our assessment we believe that, as of December 31, Year 8, the company’s internal control over financial reporting is effective based on those criteria.”

Locations Competition Bikes, Inc. currently has facilities in two locations. Company headquarters are in San Diego, CA. There are two manufacturing facilities: one in San Diego and the other is located in an Atlanta, GA suburb. With qualified employees in each location the company has sufficient redundancy to handle a short-term increase in production if one of the locations has too many orders to...

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