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SolidACE Construction: Integrity & Control

SolidACE Construction values honesty, faith, and client satisfaction. It focuses on exploring the best options for clients and completing high-quality projects efficiently. SolidACE also values integrity among its employees. The company relies on positive client feedback and participating in bids to get new projects. It also uses its website and social media like Facebook for marketing. SolidACE has effective internal controls due to centralized decision making and close monitoring of employees. However, some forms and cash are not securely stored, and there is easy access to the cashier's office without security, which could enable fraud or theft.

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Kairos Le
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11 views2 pages

SolidACE Construction: Integrity & Control

SolidACE Construction values honesty, faith, and client satisfaction. It focuses on exploring the best options for clients and completing high-quality projects efficiently. SolidACE also values integrity among its employees. The company relies on positive client feedback and participating in bids to get new projects. It also uses its website and social media like Facebook for marketing. SolidACE has effective internal controls due to centralized decision making and close monitoring of employees. However, some forms and cash are not securely stored, and there is easy access to the cashier's office without security, which could enable fraud or theft.

Uploaded by

Kairos Le
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

COMPETITIVE POSITION Based on their mission statement, the companys edge from other construction company is that it puts

premium on honesty, a strong sense of self, and a deep Christian faith in the delivery of products and services. SolidACE puts premium on its clients' preferences, committing time and personnel in assisting them explore the best options available to achieve high quality, cost efficiency, and on-target completion. SolidACE values integrity in its personnel. It employs and nurture qualified individuals whose attitude towards work is consistent with the company's vision and mission.

MARKETING APPROACH The companys marketing strategy involves a reliance on the positive feedbacks of clients. Aside from such, they also get their projects from participating on biddings and dispersing some of their agents. due to the growing trend towards the use of internet in order to advertise a company, the SolidACE Construction and Development Company launched their own website and they also advertise on social networks such as Facebook.

STATUS OF INTERNAL CONTROL In order to be able to attain the companys major objectives about the effectiveness and efficiency of operation, the key element of any organization is its internal control structure because it provides reasonable assurance that the entity is able to reliably report and comply with applicable laws and regulations.

There are various elements that influence the operating effectiveness of the internal controls. First element is the organizations highly centralized operations. Because decisions regarding the company and its operations are all consolidated by the General Manager, who also happens to be the owner of the organization, a strong internal control is observed. Although incompatible duties are not clearly

segregated because of the entitys small size, this size also helps the company monitor each employee closely. Fraudulent activities can readily be spotted if they occur. Transactions, however, are still done manually which are more prone to human error. Forms use to generate authorizations for disbursement of money is not pre-numbered and are kept in an open space or drawers that are not physically secured. Only the official receipt and the charge invoice are prenumbered and are less exposed to asset misappropriation. There is only one cashier and receipt and disbursement of cash is centralized in her. This limited human intervention enables the company to hold responsibly and be accountable of the daily cash and check receipt and expenses. However, there is no visible security guard in the office area. Because the cashiers office is situated near the entrance and there is no gate in the entrance, there becomes an easy access into the cashiers office.

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