Boutique Hotel And Tourism In Mexico Tourism Essay

Boutique Hotel And Tourism In Mexico Tourism Essay Introduction This report conducts the feasibility study to invest a boutique hotel in Mexico. It illustrates the structure of Mexico economic system, tourism industry, and the situation analysis. In order to evaluate the potential business, marketing mix is carefully analysis. Since the product is already chosen as boutique hotel, we must define boutique hotel and where is the location to be investing in. A boutique hotel is a small to medium size usually with no more than 150 rooms; provide personalized service and distinction design to attract the niche market. Boutique hotel is attracting the niche of customers looking for individual and special needs different than other property can offer. The investing boutique hotel will be located in Cancun Island, which is well known by its sea resort, and wide variety of activities can be done; it is voted one of the best tourism destinations. Mexico United Mexican States, which is commonly known as Mexico; it is located in the central of Americas. Mexico is the 14th largest nation in the world with estimated population 112 millions. Before Mexico declared independence in 1821, it was Spain colony for three hundred years. The most spoken language in Mexico is Spanish. The GDP by country in 2009 is 1.017 trillion. Felipe de Jesus Calderon Hinojosa is the current president in Mexico. Cancun Cancun is located in the east part of Mexico, in the state of Quintana Roo alone with the Caribbean Sea. Cancun is famous by the beautiful nature, beach, and the ancient Mayan archaeological sites. There are about 140 hotels in Cancun with 24000 rooms (Cancun Tourism Center); the occupancy focus in 2010 is 80% during the high season in July to the end of August. The weather of the city is sunny 70% the time during the year, and the temperatures are between 26C to 36C all year around. There are plenty of activities to enjoy in Cancun city with the water activities in the beach, nightlife in the downtown, and also the well famous heritage, the Mayan ruins. Yucatan General Information State name: Yacatan Capital: Merida White City (955,000 population) Population: 1,945,840 Area: 39,612 square kilometers Currency: Peso (1 Peso = 100 Centavos) Language: Spanish Religion: Roman Catholic 76.5%, Protestant 6%, other 0.3%, unspecified 13.8%, none 3.1% Cancun population is 542,043 people. Tourism industry in Mexico Tourism is a very large industry in Mexico; it is rank as 2nd foreign destination within Latin America, 1st in Spanish speaking country, and 10th place in term of international tourists arrival (World Tourist Organization), figure 1 shows the international tourist travel around the world. Tourism sector 8% of the total GDP in Mexico. Mexico has one of the largest tourism industries in the world; in 2008, it had total 22.6 million tourists, with 13 billion generated by tourism industry. However, due to the economic crisis and swine flu H1N1 in 2009, new visa regulation and drug dealer violence act; Mexicans tourism industry had a large drawback, which causes the tourism visit Mexico drop by 16% in the 2nd quarter of 2009. The year 2009 was rather difficult for Mexicos travel and tourism industry. The situation expects to change in 2010 with 5% annual growth for the next decade. Experts of the AMHM are looking forward to 2010 are forecast this year will become an eventful year for Mexico with the upcoming bicentennial and action plans for extensive program of events. The tourism and hospitality industries are counting down on these events as a lot of tourists are expected to come to Mexico, which will become the first step to recover from the recession. The tourists will be able to learn more about Mexican culture, history, and the people. International tourist arrival Tourist (Stop-over) Arrivals in by Year Destination 2004 2005 2006 2007 2008 2009 Bahamas 1450043 1514532 1491663 1527726 1462404 1326722 Cancun 2331362 2134180 1586942 2022302 2165320 1434416 Jamaica 1414786 1478663 1678905 1700785 1767271 1837091 Tourist Attraction An amazing fusion of European and especially Spanish and Meso-American cultures, which make up a unique culture, plus the coastal climate make Mexico even more attractive. The peak seasons in the country are during the month of December and the months of July and August. Cultural event in Mexico are mainly focused on: An amazing fusion of European and especially Spanish and Meso-American cultures, which make up a unique culture, plus the coastal climate make Mexico even more attractive. The peak seasons in the country are during the month of December and the months of July and August. Cultural event in Mexico are mainly focused on: Religion Art Literature National holidays Music Dancing Cuisine Cinema Sport There are three categories of event in Mexico: Catholic religious events, national events cultural events. El Dà ­a de Los Reyes which is the Three Kings Day is the traditional gift giving day. Carnaval (Mardi Gras) festivities take place from February to March with parades, dancing, fireworks and music. From 10-13 May, the Cancà ºn Jazz Festival takes place, featuring top musicians. The nation celebrates Independence Day on 15 and 16 September with fireworks and parties. The International Caribbean Festival is celebrated in November which is followed by the Fiesta of Isla Majors that honours the patron saint and the Cancun Fair in early December. Potential Problem in Mexico tourism industry Passport Visa requirement Start from June 2009, all the U.S. travelers returning/entering to the United States from Mexico must present a valid passport or other WHTI documentation, such as passport card, birth certificate or enhanced drivers license. Hurricane impact the coast Since our hotel is located in at the coast of the Yucatan Peninsula, Cancun, the area can be affect by the hurricane season. Hurricane season in Mexico last from June to November, in 2009, the hurricane season was relatively mild in comparison with the few previous years, but the heavy storms had affected the tourists come to visit the country. Economic in Mexico The economy of Mexico is rank at the 14th largest in the world, and place 11th by the purchasing power parity. Since the year 1994, when the most severe crisis in the whole history of Mexico, Mexican peso suddenly suffered devaluation due to the high inflation rate, nearly 50% of the population suffered due to the no value in the currency. However, the country has made an impressive recovery, building a modern and diversified economy, and financial support from the U.S. government; even the 2002 South America economy crisis, it didnt influence much of the countrys economy as the government did everything possible in order to improve countrys economic fundament. Mexico is characterized by macroeconomic stability, by reducing inflation and interest rates to increase per capita income; however, enormous gap remain between the urban and the rural area, which only the rich and poor people remain, the middle class is almost disappearing. The Mexican government is facing the challenges include the upgrade of infrastructure, the modernization of tax system and labor laws, and the reduction of income inequality. Mexico has a strong business relation with the U.S., it suffered from the economic slowdown and economic recession by -6.8% in GDP in 2009. In 2010, Mexico is expecting a 3% growth and 2-3% growth for the next decade. Economic system Free Trade ActMexico is a free-market based economy, by signing up free trade agreements (FTAs) with more than 40 countries, which including the European Union, Japan, Israel, and much of Central and America. More than a quarter of the countrys GDP are generated from the export goods to the U.S. Mexican government are welcome for business to enter. Mexican economy is depending on the following: agriculture and food production, industry natural resource and services. Figure 2.2 shows the GDP sector. Taxation In order to open and develop a business in Mexico, there are some factors that should be taking into consideration before planning the correct strategy of investments. The political situation of the country, economical situation and demand that will help to build a marketing plan directed to making high revenue. Federal tax in Mexico may vary from 10% to 28% despite to the income. Corporations are been charge for 30% tax rate; however, for foreign private investors, the tax rate is set at 25%, which is slightly lower than the residents. This has a positive effect on the development of business in Mexico and attracts entrepreneurs to invest their money. The value-added tax (VAT) on the sale of goods, rendering of services, granting the use or enjoyment of goods and importation of goods or services is normally set at 16% in Mexico. In the border areas (international land border areas) is at 10%. (www.taxrates.cc) The concept of capital gains in Mexico does not exist. The earning that one gains from the sale of a product is treated as normal income. S.W.O.T. analysis of Mexico Strengths: Location is good because it is the major connection between North and South America. Tropical climate two main seasons (rainy and dry) Beautiful nature and rich culture with a lot of history Weaknesses: Economy is closely related with export to USA around 70% is export. Swine flu that hit very badly the whole country and they need to close it to stop the spread of the flu Big problem is drugs (selling and transport to USA) Natural disasters tsunami, earthquakes and hurricanes Split oil in the Gulf of Mexico related with tourism Treats: Economy depends too much on USA economy High violence because of drug traffic and cartels related with it Opportunities: Reducing dependence of USA economy and increase independency of the economy Development of the economy S.W.O.T. analysis of Cancun Strengths: Good location Very good known like tourist destination world wide Popular with Mesoamericans history and Maya`s ancient buildings Big variety if worldwide well known hotels A lot of options to explorer Caribbean Sea or Gulf of Mexico also regions around Cancun (scuba diving, fishing, jeep trips, Mayan ruins, parks, museums) also there are 475 bird species, over hundreds different mammals and twelve hundred plants. Accessible (airport 10 km) Weaknesses: Too crowded because of the many tourists Hurricane ( Dean 2009) Treats: Depend too much on the tourism and hospitality industry Opportunities: Encourage people to invest and extend the agriculture (support and subsidize the sector) Develop green sites of the city Foreign investors in infrastructure Conclusion Investment Three quarter of the hotels in Cancun city are rated as 5 star luxury hotels. The average room rate is $80-200 according to dealbase.com, which is relevantly cheaper than Miami resort, start from $119 and go up. Cancun city became a favorite tourists destination by the U.S. and European. The occupancy rate is consistently stayed above 70% in the regular bases (Latin American Berald Tribune), which provide large clienteles to make profit. Cancun city has 140 hotels with very few boutique hotels in the area, by the research on escapio unique hotels web site, there are only 2 unique hotels can be fit into the boutique hotels categories. They are Hotel Villas HM Paraiso Del Mar and Las Nubes de Holbox. These hotels have standalone building for each room and only 20 rooms and 26 rooms each. This creates a huge demand of boutique hotels once the concept and advertising are spread in the area. Since there are only few unique style hotels in Cancun, the sustainability is low, it create inela stic of demand. This is why we think it is a good idea to invest boutique hotel in Cancun. From the customers side of view, the VAT is Cancun is at 10% rate, which is 6% lower than other inner states, because it is on the border of Mexico, this will attract more potential customers to Cancun. As we mention earlier, the taxation is set at 30% to corporation in Mexico, 33.3% in Jamaica, 20% in Belize. From an entrepreneur point of view, the taxation is quite high compare to the neighbor country Belize. To start the business, we must look at the factor of production: capital, labor, entrepreneurs, and land. The capital will be the most important factor to invest due to the high startup capital. However, our aim is to open a boutique hotel with 40 rooms, this can be an advantage to enter the business with lower initial investment. The labor cost is cheap in Mexico; the average minimum wage is at $4.5-6 per day. To maximize the profit, the operational expense will be the key to success, which the salary will be limit to the bottom to maximize the profit.

The Industrial Revolution :: essays research papers fc

The Industrial Revolution   Ã‚  Ã‚  Ã‚  Ã‚  The Industrial Revolution had transformed the economic and social structure of Europe. Europe shifted from a traditional, labor-intensive economy that was manly based on farming and handicraft to a more capital-intensive economy based on manufacturing with machines, specialized labor, and industrial factories. This revolution had changed Europeans, their society, and their relationship with other countries. The development of large factories forced people to move from the countryside to the urban areas.   Ã‚  Ã‚  Ã‚  Ã‚  Men, women, and children were part of the work force. The children started to work as young as 8yrs. old. They would work long hours; 14hrs a day 7 days a week, they would have little time to eat or take breaks, and they were paid very little. They lived quite a long distance from work, so they would have to wake up really early to go to work, and sometimes they wouldn’t have much time to eat breakfast. They would be working in unhealthy conditions and in uncomfortable places, this would lead to a future with disabilities or they wouldn’t see the future at all.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"- When did you first begin to work in mills or factories?   Ã‚  Ã‚  Ã‚  Ã‚   When I was about 10 yrs. of age.   Ã‚  Ã‚  Ã‚  Ã‚   -What were your usual hours of working?   Ã‚  Ã‚  Ã‚  Ã‚   We began at five and gave over at nine, at five in the morning.   Ã‚  Ã‚  Ã‚  Ã‚   -At what distance might you have lived from the mill?   Ã‚  Ã‚  Ã‚  Ã‚   About a mile and a half. -Is their not considerable dust in a flax mill?   Ã‚  Ã‚  Ã‚  Ã‚   A flax mill is very dusty indeed!   Ã‚  Ã‚  Ã‚  Ã‚   -What were your wages at 19yrs. old at Mr. Benyons?   Ã‚  Ã‚  Ã‚  Ã‚   I think it was 4s [shillings] a week.†   Ã‚  Ã‚  Ã‚  Ã‚  In the mines it would be a little bit different, in a sense that they couldn’t use boys under the age of 10 because they would need boys that would be a bit strong, in occasion they would have 4-5 boys under 10yrs. old, and they would be working with their fathers. They would still need children to be in the small tunnels occasionally opening doors for ventilation, and pulling the chariots full of coal using a harness and chain/rope. They would be in they most uncomfortable positions that, like I said before, would lead to disabilities when they grow up. â€Å"Not more than five or six boys under the age of 13; the two youngest are from eight to nine yrs. of age, who work with their fathers. The boys, in carting out from the googs [narrow inclined planes up which the coal is pulled by a chain and windlass]†

Different Human Resources Practices Among Different Cultures

Culture according to Harper (2001) from the Latin cultura stemming from colere, meaning â€Å"to cultivate. Culture generally refers to patterns of human activity and the symbolic structures that give such activities significance and importance. Cultures according to Vaughn and Rodney 2006) can be â€Å"understood as systems of symbols and meanings that even their creators contest, that lack fixed boundaries, that are constantly in flux, and that interact and compete with one another†. Culture has been called â€Å"the way of life for an entire society.† It includes codes of manners, religion dress, language, rituals and norms of behavior such as law and morality, and systems of belief as well as the art. Main Body Culture can be defined as all the ways of life including arts, beliefs and institutions of a population that is passed down from generation to generation. Culture varies from different communities and different populations in the world. Religion plays a key role to our culture different religions have different practices. Religion can dictate the dresscode, working hours including breaks, working days.A country like United States of America where they are liberal when it comes to religion does not really dictate the dress code. The dress code varies from company to company depending on the kind of work they do from Casual to formal wear to all sexes. Unlike Muslim religion dominated countries where all women are supposed to cover their heads at all times and sometimes dresses in a specific gown. Morality varies from culture to culture and it plays a big role for religion . Some organizations may consider premarital pregnancy an immoral issue while some will not see it as an issue.Marriage plays a role to religion. Culture makes human resources practices to differ from the languages used officially by the countries . Example an English speaking country may find it difficult to adapt to the French speaking culture habbits if they are sta ting in the French speaking country. Both parties may have a language barrier in the ways they translate their English, two they are certain practices by this two different cultures of which none of the parties are not used to example hugging and a kiss on the cheek may seem to be unprofessional to one of the parties unlike to the other.Politics and the political system of a country or a territory vary from different communities and in different cultures. The human resources practices also depend on the system of governance of a territory or a country. The political system contributes a lot to how an organization sets its policies and practices. Such human resource practices include when the financial year starts, rates of taxation, maternity leave for the women, religious to statutory holidays and also working hours.Human resources practices also depend on the organization culture which is affected by the founder of the organization. Most of the human resource practices depend on h ow the organization was founded and the beliefs and values of the founding team were. Example if the founders did not belief in certain dress codes like no trousers suits for women it happens that is habit is carried forward down to generations. This is called the founder syndrome and it tends to become corporate culture of the organisation.Corporate culture according to Hill and Jones (2001)comprises the attitudes, experiences, beliefs and values of an organization. It has been defined as â€Å"the specific collection of values and norms that are shared by people and groups in an organization and that control the way they interact with each other and with stakeholders outside the organization. Organizational values are beliefs and ideas about what kinds of goals members of an organization should pursue and ideas about the appropriate kinds or standards of behavior organizational members should use to achieve these goals.

Traditional Industries Forcing - Free Essay Example

Sample details Pages: 2 Words: 686 Downloads: 10 Date added: 2019/05/07 Category History Essay Level High school Tags: Industrial Revolution Essay Did you like this example? One of the five innovations, mass production through the division of labor, changed traditional industries forcing workers to grow a stronger work ethic, but took home lesser pay due to fewer skills required. Josiah Wedgwood changed the lives of Europeans with the start of his pottery business creating items from porcelain. The porcelain would not ruin the flavor of peoples tea, cocoa, or coffee. Don’t waste time! Our writers will create an original "Traditional Industries Forcing" essay for you Create order Wedgwood divided the work among the workers by breaking them up into doing different tasks, such as unloading the clay, mixing it, pressing flat pieces, dipping the pieces in glaze, putting handles on cups, packing kilns, and carrying things from one part of his plant to another (Bulliet et al. 476). He created what the United States calls today, the assembly line. The assembly line is still used to this day to quicken the process of production of items. During this period, the cotton industry boomed in Britain through mechanization the use of machines to do work that was previously done by hand. Mechanization had some advantages which were increased productivity for the manufacturer and lower prices for the consumer (Bulliet et al. 478). It brought the time it took to spin cotton from five hundred hours down to eighty minutes. Americas most valuable crop was cotton at the time of industrialization. The invention of the mechanical cotton gin by Eli Whitney created an enormous amount of cotton crop down South, and extended slavery by fifty years. The Americans ended up adapting the cotton industry into the United States around 1820 and are continuing to grow cotton present day. Another major innovation developed during the industrial revolution was the iron industry. Iron was generally used throughout Africa, China, and Eurasia for tools, household items, and weapons; however, charcoal was needed for iron, but the need for charcoal caused deforestation. In 1709, Abraham Darby found out that coke could be used instead of charcoal. Most of Britain was eventually making iron with coke which was cheaper, while other countries were still using charcoal. Coke-iron expanded greatly in Britain and their iron production rose relatively quickly. Cheap iron made mass production of objects appealing, but that brought along expensive labor. To lower the labor costs, manufacturers Eli Whitney and Eli Terry developed interchangeable parts which were eventually adopted worldwide. Interchangeable parts came to the Americas quickly using them for farm equipment, firearms, tools, and sewing machines. The firearms and farm equipment in America today are still made with interchangeable parts. The device that set the Industrial Revolution apart from all other periods of innovation was the steam engine. Thomas Newcomen developed first steam engine between 1702 and 1712; however, James Watt repaired Newcomens steam engine and patented his own product which became a commercial product. The steam engine was highly celebrated because there always seemed to be supply of coal and the steam-generated energy was a source of power. Steam engines were eventually put on boats. Steamboats could then sail upstream making it easier and quicker for people to get to certain destinations. The United States quickly became a nation that moved by water. Along with steamboats, railroads took a big turn with the production of the steam engine. Today, railroads and boats are major means of transportation for people and material. Lastly, electricity was applied to communication inventing electric telegraphs. The electric telegraph was the device that allowed rapid long-distance communication through an electric wire. Telegraph wires were spread throughout the eastern United States, western Europe, and eventually began a network of the entire globe. The people no longer needed to take a train, sail, or use a horse to communicate. The invention of the electric telegraph made it easier for countries to communication and receive and send information quicker than having to travel from country to country or even city to city. The telegraph was the first step to inventing what nations have today, telephones. In conclusion, the innovations from the Industrial Revolution led to profound changes in communication, society, and the economy. It had a major impact on the world people live in today. Britain set the standards for what every country strived for during that period.

The Value Of Positive Guidance - 1124 Words

II. Introduction Purpose: The purpose of my personal philosophy is to show the value of positive guidance. I want to demonstrate that children are capable of learning new skills that will help them in their development. The importance of positive guidance is to prepare children for adulthood. Through various activities and instruction children will learn ethical principals. Organization: I will start my essay by explaining the importance of positive child guidance. Then I will discuss about how children best in the environment and doing activities. I will discuss about the motives in children’s behavior. Then, I will explain the type of skills children need to learn for primary grades and later in life. I will discuss how adults need†¦show more content†¦Children are able to learn these principals through modeling, hands-on experiences, being scaffold by a teacher, through observation, role-playing, and through individuality. Activities that will teach children these principals are by doing a puppet play, storytelling with a picture book, singing a number song, collect rocks to create a mosaic painting, and do gardening to teach children about nature. Assumptions About the Motives for Young Children’s Behaviors: Children behave the way they do because they want social reinforces such as acceptance, compliments, a pad on the back, rewards, encouragement, and praise. Children also behave the way they do because they will have time for free play, and get privileges by behaving well. When children notice positive reinforcements, the child will continue to display positive behavior and will be able to learn new behaviors. Additionally, children who tend to cause chaos in a classroom want attention from peers, or teachers. In this case, children should be taught positive behavior. Assumptions About What Children Need to Learn to Succeed Later in Life: Children who enter primary grades should learn to be ethical in order to respect peers, learn to make the right decisions, be independent, and be caring with peers. They also

Film Analysis Of Good Will Hunting - 1528 Words

â€Å"GOOD WILL HUNTING† MOVIE (1997) Will Hunting, a 20-year-old janitor at a college, is a mathematics genius who underage drinks with his friends. In the college where he is the janitor, a professor has written an impossible equation that Will goes and resolves. No one really knows who did it and when the professor finds out who resolved it, Will Hunting runs into more trouble, as he engages in a fight along with his friends and ends up punching a cop, this lands him in court room in front of a judge yet again. The professor helps him not to go to jail, but in return Will Hunting must go to therapy and get a good job, Will accepts but does not take anything serious and the psychologists end up quitting on him. He engages romantically with a†¦show more content†¦This is our knowledge, and what we have retained in our brain. In the movie, Will Hunting shows us the meaning of the word, he is able to comprehend math like no one out there, and one might say that â€Å" it just clicks†. Cognitive also refers to the way we see pictures in our head when we read a word or hear a sound. (Winter, Max, Salem 2015). When we are reading a book, and along the lines we are imagining what the book is describing, this brings up experiences, thoughts and knowledge when we have seen what it is describing. For Will, love and comprehension from others brings pain, because the people that should have taken care of him, left him, so that was pain for him and that was just his subconscious. A good example of cognition might be when we have kids, we know that while changing their diaper we also must watch them and make sure they don’t roll over, however a person should not text and drive because we are not mentally prepared to combine these two tasks. The Cognitive process, are the processes that result in learning: attention which has three different stages. Sensory register, means we retain what we have just heard for about a second or two; an example o f this is when we are listening to someone talk but not really paying attention, this is where a famous question comes into play â€Å"what did I just say?† and most of us would not know the answer. The next part is short-term memory; Dory might come to mind in this situation, because we can hold informationShow MoreRelatedGood Will Hunting Film Analysis808 Words   |  4 PagesVu Nguyen English Composition I Mr. Dylan Travis RELATIONSHIPS IN GOOD WILL HUNTING Good Will Hunting is an interesting story of a young genius orphan growing in a slums of South Boston with a group of best friends, written by Matt Damon and Ben Affleck and directed by Gus Van Sant. In this film, Will Hunting is the main character played by its father Matt Damon who is trying to himself identify his value in the world. 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Financial Statements Of Insurance Companies -Myassignmenthelp.Com

Question: Discuss About The Financial Statements Of Insurance Companies? Answer: Introduction In the given case study, JAE Limited is the company for which Wizard Finance, a company that provides corporate credit card service enables the credit card for business use purposes at the managerial level or above. This has been of tremendous help to the employees whenever they have had to make some overseas trip or book international business class flights or extended hotel stays for overseas assignment. (Aitchison, 2016) Though this was for business use only, but many executives of JAE limited have also utilized it for personal purposes as well and have later on sent a cheque in the name of Wizard finance to the accounts payable department to make out for the personal expenses incurred. All this did not go smoothly and the loophole of non segregation of duties has enabled the accounts payable clerk, Steve Ray, to commit a big fraud with the company amounting to over $ 1 million. This has not only questioned the integrity of the working staff at JAE limited but on the company as well in terms of the internal financial control being implemented and practices within the company. (Capaldi, et al., 2017)Therefore, the policies and procedures which are currently built in place needs to be reviwed in order to find out the deficiencies and build a strong control around them. In the light of the background information given about the company and the accounts payable function in the company, there has been many factors which have led to the non identification of the deficiencies and te fraud which was being prevelant in the organization. There was only a single person responsible for collecting all the cheques which were to be paid to Wizard Finance, the entire control of the account was in his hands which no reviewer and checker besides him or above him to scrutinise and check the viability of his work. (Buchanan, et al., 2017) He was the sole owner of the accounts payable department and the bank reconciliation is not in place which could have shown that the outstanding for the banks were such huge amounts and were not being paidn in time to Wizard Finance even after being followed up by the vendor and receiving the cheques from the vendors. Since the card was given only for the business use, therefore when the clerk was aware that the crad was being used for personal purposes, this should have been brought to the notice of the management even though the same was being reimbursed by the employees in the form of the cheques. This warranted for a summarized dashboard which would show the top 80% of the employees who use it for the personal purposes alongwith the quantum of use. The period and the percentage split between business and personal use could also have been shown such that the companys management would have been aware of the inconsistencies and the risk and could have avoided the same roping in a new policy for the employees. The other factor which worked in the favour of Steve was that no rotation of the role was there and he was fixed into the same role for a longer period of time which enabled him to understand the loopholes of the process and utilise the same to his own benefit. In the organization where cont inuous internal rotation is being carried out, the employees just cannot take benefir like this as it would be caught immediately. (Flix, 2017) Some other factors which helped in non detection of this fraud was the absence of the internal audit system which if it would have been in place would have identified the fraud when it came to know of the cheques from the employees not being deposited in the companys bank account but being transferred to his own. Further more, there should have been a reviewof the creditors and the accounts payable on a monthly basis which was not in place. Accounts payable being a very important function and affecting the factors like the working capital requirement of the company and the number of days which the creditors give for payment of the outstanding dues, this needs to checked for the outstanding balances through a summarized table which would show the ageing of the creditors along with the amount due. The nature of the reasons due to which this hasnt been paid for a long time should also have been a part of such a summary. Most of the companies have an internal control to analyse the credi tors which have been over due for a period more than 90 days but in this case, the company failed to have the minimum control in place which would have guaranteed that the fraud being done by the clerk is getting caught in the eyes of the management. Besides all the other factors, the most important and critical deficiency was the non division of labour among the company structure and giving all the responsibility with respect to the creditors in the single hand who could have done window dressing and reported misstatements in the financials even. (Heminway, 2017)Besides having all the controls in place, the company should have had a control that the confirmation message should go to the employees once their outstandings are cleared so that they would also be able to confirm back. All in all, the mistakes of the management is setting up a strong internal control and no analytical review being done at the end of the period has resuled in such a being fraud in the company being uniden tified for a long time. There were many reasons and weaknesses in the current payables functions which persisted in the company which resulted in the faud being taking place in company. The following is the brief list and the recommendations for addressing the same so that it is not repeated in the future. Weakness Recommendation for addressing the weakness The account of Wizard finance, being one of the chief and big creditor, not being reviewed by the management. In banking system , we see that the major accounts, payments and collection above a certain limit is being checked everyday or atleast aan exception report is being given to the management considering some figure as the cut off mark which enables the management to monitor the account more closely and find out any ineeficiencies or problems, if any. (Anon., 2016) Moreover, from the management review perspective, Wizard finance being one of the major creditors should have been reviewed on a weekly basis such that the ageing of the outstanding would have been known alonhwith the quantum. This would have helped the company to know when the amount was due and whether there was any major outstanding or fussy in the account. Basis this, the monthly statement sent by Wizards finance could have scrutized for top 10 or 20 expenditures. Allowing business executives and senior managers and others to use for personal use as wel besides the business use. The introduction of credit card by Wizards finance was to assist the business executives and managers from unnecessary hussle and bustle in case of urgencies, the business meeting overseas, the stay over there at the hotel and several other official benefits but the staff started to use it for the personal use as well, which was not the idea. This should have been reported to the management and then the management should have taken the call accordingly that whether such an action should be allowed or not. In case, the management would have agreed to it, they should have been shown the split between the business and non business expenses. It could also have been that the employees could have been charged interest on the personal expenses as the company is anyways incurring so when it is making the payment the Wizards Finance. No maker checker and reviewer concept being followed in the company i.e., the work done by a person needs to be reviewed by another person in the system. In most the listed companies, where there is requirement of the SOX complaiance and the internal financial control being followed in the company, we see that there is concept of maker, checker and reviewer being followed such that the work done by one person, is being reviewed by another and checked by one another person before posting it into the final system and the financials. In this company JAE Limited, the same should be implemented to have a strong control on each of the processes and such that all that goes into the final system and reporting is viewed through multiple eyes. In this way, any fraud and error can be found in the initial stages only. Segregation of duties was not there as everything was being controlled and managed by a single person. The major discrepancy which was found in the system was the non segregation of the duties among different people. In case the receipt of the cheques from the employees of the company, reconciling it with the amount outstanding against every employee towards the personal expenses, entering the transaction in the system, making the payment to the Wizards Finance team through cheque, making the bank reconciliation would have been done by different peopld, there would have been no scope of making any kind of fraud or non recording the transaction. The benefit of segregation of duty is that the transaction do gets caught at some stage of checking as it is a water fall approach and no transaction can escape from being recorded. (Qi, et al., 2017) No internal audit function in place in the company which is a mandatory requirement considering the size of the company and the revised requirements by the International Accounting and Auditing Standards. In case of the listed companies, there is a requirement of the internal control function to be implemented so that entire finance process and procedures, other SOX functions, internal control viability etc. can be checked by the internal auditors and any discrepancies or shortcomings, if any needs to be brought to the notice of the management. This function in the company acts as an early warning signal which helps in spotting the erros and frauds, if any being carried in the company and internal audit is related to in-depth scrutiny of the books of accounts and GL scrunity on a detailed basis. Conclusion On the basis of the above observations and understandings, it is clear that the company was the victim of fraud committed by one of its clerks, Steve because of the weak internal control being practices in the company. Further more, there was non awareness within the management that the employees of the company have been using the card for diverse purpose other than the business use. Several weaknesses and the recommendations thereunder have been proposed to make the company SOX compliant an such that the company doesnt suffers iun future on account of such a blunder. Besides all this, audit being one of the major functions in any company these days, should be implemented and should be carried out with all the analystical and substantive procedures available so that any discrepancy can be noted before hand only. (Li, et al., 2017) Besides all this, external confirmation from creditors which is one of the major techniques being followed in company to check the balances outstanding sho uld be employed by the company to avoid all the above issues. All in all, it can be said that JAE limited is lack of proper accounting information system in place and thus once this is fulfilled or placed in the system, the accounting can be ensured to be free from such huge frauds. References Aitchison, S., 2016. When is a done deal not done?: a legally enforceable contract. 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