News & Information

 
Important ASIC Changes 1 November, 2018 – The Sale of Car Finance

GoAuto News have published a Special Business Report on the rules governing the sale of car finance that will become mandatory on November 1, 2018.

These changes will impact both Dealers and Auto Financiers in terms of roles and responsibilities in complying with the new requirements. It will require both parties to review their current financing models and processes to ensure they not only adhere to the new requirements but take advantage of the opportunity to generate greater revenue from financing of vehicles than they are presently through greater volumes.

As your internal audit partner, aceia can review and identify areas in your finance and insurance processes, for both dealerships and financiers, that need to be strengthened to meet these new requirements

Please refer to the ASIC Report and think about how you plan on addressing these changes between now and November 1st.

Click here to read the GoAuto News Special Business Report.

For further information, contact us on 1300 791 794 or email info@aceia.com.au

 

The Real Cost of Employee Theft

To most businesses, employees are both the most valuable and the most costly asset to your business. You couldn’t operate without them and most of us would assume that because you pay them, they are loyal to you.

Unfortunately, dishonest employees cost Australian retailers millions of dollars in “shrinkage” every year. In fact, employee theft can be so prevalent that it can cause a small business to permanently shut its doors.

So, how do you identify employee theft and prevent it from ruining your businesses’ bottom line?

In retail terms, shrinkage is the loss of stock caused by shoplifting, employee theft, supplier fraud and administration inaccuracies. These factors all contribute to business losses and can threaten or reduce its ability to operate effectively. Therefore, identification of employee theft and its cost is critical.

According to the Australian Institute of Criminology, there are numerous ways employees can steal from their employers. These can include, but are not limited to:

  • Outright theft of money and/or cheap jerseys China goods
  • Undercharging accomplices who pose as customers
  • Deliberate damage of goods for the purpose of buying at a staff discount
  • Using company time and resources for non-company projects
  • Altering company records – such as delivery dockets and stock receipt, invoices and receipts to hide discrepancies
  • Defrauding customers – fraudulent refunding, using a customer’s forgotten credit card, charging for additional items not taken by the customer.

Why do people steal from their employers?

There are a multitude of reasons why people steal from their employers and these motivations can vary by age, gender, economic and psychological factors. DIEZ Economic disadvantage and psychological factors, such as marriage breakdown or separation, employee dissatisfaction, victimisation and unfair pay – can all contribute to employee theft.

Other contributing factors thought to have seen the trend for employee theft rise include the ease of reselling stolen goods – particularly in the online environment, economic uncertainty and the likelihood of being caught (and prosecuted) – as most small retail businesses are unlikely to report employee theft to the police.

The sad fact is that employees are in the perfect position to steal from their employers – they generally understandcheap jerseys the business and how it operates, they know other employees and when/how they work and more importantly, they have access to the money and/or goods.

With so much emphasis on customer theft – CCTV, security tags, entry/exit scanners and undercover security to name a few, many businesses nba don’t place as much emphasis on employee theft.

What can employers do to reduce the likelihood of theft?

There are a number of strategies employers can implement to reduce the likelihood of theft. wholesale nfl jerseysThese can include:

  • Rigorous recruitment procedures
  • Regulating employee unofficial ‘perks’
  • Job satisfaction, respect and remuneration satisfaction
  • Change management
  • Employee training and compliance audits
  • Loss prevention systems
  • Improved analytics
  • Balance everyday and determine the reason for non-balancing
  • Track sales back Homepage! to employees and trace the cash trail
  • Employee bags to be kept away from counters, cash registers and other areas that can facilitate theft
  • Strict refund policies

Please contact us on 1300 791 794 to understand more about employee shrinkage and discuss how we may assist you.

 

Facing Risk Head On

Businesses are faced with many challenges; delivering products to market, making a profit for shareholders and operating in an ever-changing environment. Every franchise business is faced with risks that threaten or reduce its ability to function. Managing these risks and monitoring the effectiveness of internal controls are critical for preventing or minimising the irreparable damage that risks can have on a business.

Risk management cheap nba jerseys is a crucial defensive and offensive strategy for any franchise business, large or small. Risks and internal controls are often overlooked by businesses and only tend to be considered after a serious event has occurred. Preventative measures are cheap nfl jerseys often a low cost way to minimise Theft or even Kopdar eliminate the risk of irreparable damage.

A risk management and internal audit framework ensures that franchisors and franchisees have a comprehensive approach for identifying, assessing, evaluating, managing and testing business risks – whether it is a customer potentially slipping on cheap nba jerseys a wet и floor, fraudulent activity or wholesale nfl jerseys an unexpected natural or human induced event. A risk can encompass anything that may affect a business in terms of operations, finance, strategy and compliance. Now These risks can stem from wholesale mlb jerseys triggers such as economic, and technological and people factors.

To discover the steps involved in identifying and managing risk, please click here to download the full article in PDF.

 

Changes to the ASX CGC Principles and Recommendations 2014

Changes to the ASX CGC Principles and Recommendations 2014 are now effective.

How do you comply with each recommendation, specifically Principle 7 – Recognise and Manage Risk?

As you may be wholesale NFL jerseys aware, on 27 March 2014, the Australian Securities Exchange Corporate Governance Council (ASX CGC) released the 2014 edition of Oma its Principles and Recommendations. Under the ASX listing rules, all wholesale NBA jerseys listed entities are required to actively consider the content of the Principles and Recommendations and are required to report against the revised recommendations for full financial years from 1 NHL July 2014.

In particular, Recommendation 7.3 states that a listed entity should disclose:

  • If it has an internal audit function, how the function is structured and what role it Ayr?cal???n? performs; or
  • If it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its risk management and internal control processes.

As experienced internal audit professionals, aceia can help you to identify and understand your wholesale MLB jerseys obligations in relation to these changes and deliver you with the assurance that the ASX requires.

With over 50 years of combined internal audit experience across a wide range of industries, aceia has a proven record of adding The significant value to our customers – including Tatts Group Ltd, Bridgestone Australia Ltd, Nissan Motor Company (Australia) complet Pty Ltd and Mercedes-Benz New Zealand Ltd.

Our dedicated team of senior internal audit professionals are members of the Institute of Internal cheap MLB jerseys Auditors Australia (IIA) and will provide you with real commercial solutions that leverage our deep industry knowledge. We will provide you with a consistent, responsive and cost effective option for your internal audit and risk management needs.

We can provide you with a gap analysis to understand the current state of the existing framework and determine your requirements on a no obligation basis. Our gap analysis will help you assess the maturity of your current model and understand the level of reliance that could be placed on the existing framework to provide assurance to the Board.

By partnering with us and understanding your ASX compliance obligations, you will receive Illegal valuable insights that will benefit your business growth. As your trusted advisors, we will look for ways to improve your operations and to identify and implement quality improvements in the internal control and risk management framework.

Please contact us on 1300 791 794 cheap jerseys to understand your current position and discuss how we may assist you.