Engro foods Pakistan
Short Introduction:
Engro Foods is among the biggest and fastest growing companies in Pakistan with a vision to cater to local needs with products conforming to global standards.
Highly passionate about providing millions of people across the length and breadth of Pakistan and beyond with the ultimate brand experience, our product portfolio comprises some of the country's biggest and best selling brands including Olper's, Olper's Lite, Omore, Dairy Omung, Olper's Lassi and Tarang.
But whether it is our thick, creamy all-purpose milk, scrumptious ice-cream high on nutrition content or refreshing range of beverages, our approach remains largely the same as we strive to keep product innovation at the forefront of our guiding
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Provide management with the capability to monitor and assess the level of compliance with organizational internal controls.
Management’s Responsibilities for Internal Control System:
The management of Engro Foods is responsible for the preparation and integrity of the accompanying consolidated financial statements and for maintaining a system of internal control. These checks and balances serve to provide reasonable assurance to shareholders, to the financial community, and to other interested parties that transactions are executed in accordance with management authorization, that accounting records are reliable as a basis for the preparation of the consolidated financial statements, and that assets are safeguarded against loss from unauthorized use or disposition.
In fulfilling its responsibilities for the integrity of financial information, management maintains and relies on the Company’s system of internal control. This system is based on an organizational structure that efficiently delegates responsibilities and ensures the selection and training of qualified personnel. Management believes that to date, the internal control system of the Company has provided reasonable assurance that material errors or irregularities have been prevented or detected and corrected
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Information and Communication
The information system consists of the methods and records used to record, maintain, and report the events of an entity, as well as to maintain accountability for the related assets, liabilities, and equity. Requirements:
1. Identify and record all business events on a timely basis.
2. Describe each event in sufficient detail.
3. Measure the proper monetary value of each event.
4. Determine the time period in which events occurred.
5. Present properly the events and related disclosures in the financial statements.
Internal Control Procedures:
Control activities are the policies and procedures the organization uses to ensure that necessary actions are taken to minimize risks associated with achieving its objectives. Controls have various objectives and may be applied at various organizational and functional levels.
Control Usage -Prevent, Detect, and Correct
1. Preventive controls focus on preventing an error or irregularity.
2. Detective controls focus on identifying when an error or irregularity has
Implementing strategies to create an effective internal control environment is needed to prevent and detect controls of fraud (Murphy, 2015). Control is needed to combat fraud, enforcing employees and volunteers to do the right thing. Management must have control of the organizations operations to tackle risks when they arise (Arshad et al, 2015). According to Arshad et al (2015):
WinCo Foods is a supermarket chain with headquarters in Boise, Idaho. It started in 1967 and has since expanded to include over 100 locations throughout the United States. Until 1999, all of its stores operated as Cub Foods or Waremart Food Centers, but the company now has its own branded locations. It also has five distribution centers. The stores and distribution locations employ more than 15,000 staff members in a variety of positions.
In order to be successful in business, a company must be able to track their assets. This tracking system is typically done by a bookkeeper and must be reliable in order to be effective. The way a company ensures their financial records are reliable is by setting up a system of internal controls. Internal controls allow a company to protect its assets from fraud and theft as well as ensuring records are kept accurately by reducing errors and irregularities (Keisco, Kimmel and Weygandt, 2008). Internal controls work by assigning responsibility, separating duties to provide checks and balances, hiring an independent verification agent and through the use of technology and physical controls. In many instances, internal controls are required and overseen by the Sarbanes-Oxley Act of 2002.
ensure that management is doing what it can to establish means of effective internal controls by having to report on them.
controls relate to the safeguarding of assets, examples would be safes and locks. Mechanical and...
The oversight responsibilities of the board, the CAE lacking of expertise or broad understanding of financial controls and responsibilities, and the understaffed internal audit functions lacking of independence and direct access to the board of directors contributed to the absence of internal controls. To begin with, the board should be retrained to achieve financial literacy to review financial reporting. Other than attending formal meetings, the board of directors should be more involved with the management. For the Audit Committee, the two members who were recruited as acquaintances to Brennahan need be replaced with experts who are more sufficiently knowledgeable about accounting rules beyond merely “financially literate”. Furthermore, the internal audit functions need to expand with different expertise commensurate with the expanded activities of the organization, testing financial reporting rather than internal controls from an operational perspective. The CAE should be more independent and proactive to execute audit plans, instead of following orders from the CFO, and initiate a direct and efficient communication between internal audit and audit
The control arrangements and measurements are continuously under the management check to monitor the competence of the staff and managers ' conclusions. Meetings and communication at each stage of the company 's hierarchy symbolize a strong internal atmosphere so all the activities of Tesco Ireland are always streamlined and properly controlled. [2]
The board is held accountable for assessing, approving and checking the Group’s risk management systems, assessment of the adequacy of the internal compliance, policies and procedures and control mechanisms. Furthermore, board also approving
...launched a 3 year programme to deliver quality goods and maintain a strong value perception. Since the start of the programme 5000 new products have been launched as well as four new brands.
In controlling, organization has lots of risk factors .Manager take some employee who is able to control and handling risk factors.
This has been guided by the company’s successful strategies to create value and gain a competitive advantage in the market. Among the company 's strategies is the creation of a strong brand among the customer base (Mishra, 2011). The latter allows the company to impose premium prices on its products. The company has also adopted a diversification strategy whereby it produces a wide range of products such as shoes, gear, clothing, and many other sporting products (Lussier & Kimball, 2013). Notably, this has been a major source of competitive advantage for the company. Additionally, the company 's strong advertisement campaigns and strong global presence are sources of competitive
ALMARAI is the main and essential brand which is the face of successes and dramatically growth from establishment. ALMARAI is producing four products which are firstly; diary liquid is produced two main line; fresh products such as fresh Laban and fresh milk, and another line is long life products such as milk and flavoured milk. Also, ALMARAI brand produced foods like many kinds of cheeses, cooking creams and butters. Moreover, ALMARAI also produces third type is fresh and long life juices. The fourth products of ALMARAI are yoghurts and
Controlling in management is a function of management that is concerned with making sure that all other functions of the management are put in place and operated effectively. Controlling ensures that it has taken into consideration the monitoring of the output of the employees as well as the establishing standards of performance that will guarantee that the performance of the will always meets the set standards (Spellman,
Brands like Milk Pak (owned by Nestle) and Haleeb Milk (from Haleeb Foods) had led the dairy market in the world’s fourth largest milk producing country for nearly two decades—without any real sustained competition. Engro Foods, in contrast, had only recently been established by Engro—a traditional giant in Pakistan's chemical and fertilizer (yes, chemical and fertilizer) industry.
The control process is the process to make sure that, whoever is in controlling in the company that the company is going to the right direction the management and operations controls the company is in the right condition before, during and after the control process. The strategy control is concerned about the strategy is being implemented, detecting problems areas and suggesting that the strategy is right or not right, making adjustment necessaries. Operational control is the oppositte of strategy control. Operations Control make sure the actions based on operating control have been implications for strategy controls.