Paper Example on Mindshare Advertising Agency

Introduction

Advertising agencies need business internal control assures that an organization's objectives are achieved through effectiveness, efficiency, reliability, and compliance in operations and reporting to meet the rules, policies, and regulations. This entails smooth systematic measures conducted to safeguard the organization's reviews and procedures to control risks through deterring of errors. Internal control ensures that an advertising business's accounting data is accurate and complete, thus producing reliable and timely management and financial reports to ensure that policies and layouts are adhered to (Ahlstrom & Bruton, 2009). This accounting and auditing methods adopted by any company ensure that the integrity of financial information meets the operational and profitable goals throughout an organization. Mindshare Advertising Agency is an international company, and it is still in the process of growth. Therefore, the corporate should create a code of conduct in honor the philosophies and the essence of the law in every country and assume open and fair corporate undertakings as a good citizen. The agency requires establishing systems to respect the existing culture and customs of every state and contribute to critical economic and social development programs by establishing corporate activities in the community. Further, it is important for the agency to generate and advance innovative technologies and provide exceptional media campaigns and technological advancement in the amenities with intent to fulfill the client's needs and preferences on a worldwide basis.

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Moreover, internal controls are standard management practices and are augmented to work best when multiple divisions are applied between different departments. Any successful advertising agency business should embrace international practice guidelines for practical application of internal control standards. The guidelines enable professional accountants to competently evaluate and improve internal control in their association. Integration of internal control into the organization's various systems or department enhances the creation and preservation of value-added goods or services saving on the organization's time and money (Henry, 2008). The kinds of activities are either preventive or detective controls. The two types of internal control affect the effectiveness of an organization's internal control by preventive control enhances quality standpoints, while detective control ensures the provision of evidence. The preventive kinds of controls are designed to ensure that errors and irregularities are highly discouraged from happening. This makes them proactive controls used to meet business objectives. Preventive controls include segregation of duties, approval or verification, and security of assets. These forms of internal controls advocates for distribution of responsibilities deemed for authorization of organization's transactions to reduce the risk of the inappropriate cause of action and error. Supervisory approval of transactions before their execution conforms to validity within limited parameters. It also ensures that access to equipment is restricted and accounted for in inventory records. On the other hand, detective controls are fault finders in nature. They are designed to scrutinize errors or irregularities within operations. They, therefore, include audits, physical inventories, reviews of performance, and reconciliation of records. The management through this docket is able to compare information about the performance with previous records or through benchmarking other related organization. The general media advertisement system has been termed chief contributor to the emission of carbon dioxide. This gas is toxic to the environment including forestry and other living things. Mindshare Advertising Agency needs to spearhead the operation so as to care for the environment and increase its reputation around the globe. Principally, media technology is the main film production by many marketing advertisers hence Mindshare Advertising Agency faces an imminent challenge to create eco-friendly products that reduce the possibility of respiratory diseases and depletion of the ozone layer (Halbert & Ingulli, 2011). Besides, caring for the environment is one of the prominent corporate responsibilities imposed by the government. Therefore, despite the cost that the company is meant to incur, it is the duty of Mindshare Advertising Agency to create eco-friendly media technology and increase awareness among clients.

New or innovation methods need to be performed diligently observing the various types of activities that are reliable for internal control procedures. Prompt identification of relevant design ensures preparations of financial statements are operational. The effectiveness of the internal control system should provide reasonable assurance on the achievement of the organization's objective. Their effectiveness must be intertwined to the objectives to reduce principle risk levels in relation to objective achievement. Assessment of the effectiveness of internal controls determines the extent to which principle and correspondents contribute to the functioning of an organization. The decision-making process between the top management and junior level authorizes should be highly harmonized to avoid loopholes that would lead to eventualities. At events when the principal risk is not functional, judgment should be made promptly to evaluate deficiency hinder entity objective thus the conclusion on the matter should save on time and resources. The systems of internal control should, therefore, ensure that the objectives of an entity are achieved with a high degree of reduced risks.

Mindshare Advertising Agency has an extensive new and innovative monitoring system that is unique in helping it to evaluate and strategize on the entire process that transforms input into the media industry. Essentially, the company has formed an Operation Management (OM) system that controls, directs and evaluates the company process through the guidance of a series of principles. The OM system is made of four aspects including environmental factors, inputs, clients contact, and transformation approaches. However, in this case, we are concerned about the new and innovative and clients contact (Evans & Lindsay, 2007). Clients contact is included in this aspect because clients from the broad aspect of the external environment. The operation management investigates these factors before joining a certain market and also ensures that it keeps track of the condition in the market with regard to these factors. Consumer contact is the main aspect that helps the company to investigate modern trends in the market and respond to these changes through the transformation process. Moreover, the company investigates suppliers through their delivery and logistic behavior as they deliver.

Conclusion

In conclusion, internal controls are standard management practices and are augmented to work best when multiple divisions are applied between different departments. Mindshare Advertising Agency is an international company, and it is still in the process of growth contributing to critical economic and social development programs by establishing corporate activities in the community. Therefore it's the role to the agency to ensure internal control that an advertising business's accounting data is accurate and complete, thus producing reliable and timely management and financial reports. Mindshare Advertising Agency has an extensive new and innovative monitoring system that controls, directs and evaluates the company process through the guidance of a series of principles. Clients contact is included in this aspect because clients from the broad aspect of the external environment. The effectiveness of the internal control system should provide reasonable assurance on the achievement of the organization's objective.

References

Ahlstrom, D. & Bruton, G. D., 2009. International Management: Strategy and Culture in the Emerging World. New York: Cengage Learning.

Evans, J. R. & Lindsay, W. M., 2007. Managing for Quality and Performance Excellence. New York: Cengage Learning.

Halbert, T. & Ingulli, E., 2011. Law and Ethics in the Business Environment. 7 ed. New York: s.n.

Henry, A., 2008. Understanding strategic management. New Delhi: Oxford University Press.