The principal of BCrop’s system of internal control is role played by the Executive Directors as channel of communication between the Board and Management. Executive directors are assigned to manage the businesses of Group and implement the Board’s expectations of the system of internal control. The respective management Executive Directors will attend various management and operational meetings as well as review financial and operational reports in order to monitor the performance and profitability of businesses.
Furthermore, the Executive Director and Management also practiced in “open-door” and “close-to-operations” policy. The Board assigned the Audit Committee with the duty of reviewing and monitoring the effectiveness of the Group’s internal control. They will receive assurance reports from both internal and external auditors. The Internal Audit function is to provide the Audit Committee with reports from visits conducted at various operating units.
Moreover, the External Auditors provide assurance in the form of their annual statutory audit of the financial statements and any case for improvement identified during the itinerary of the statutory audit by the external auditors are brought to the attention of the Audit committee through management letters and articulated at Audit Committee meetings. Below are Key Features of the Internal Control System from BCorp’s. Some of the identified key features of the Group’s system of internal control include: 1. Clear organisation structure with delineated reporting lines. 2. Defined levels of authority. . Capable workforce with ongoing training efforts. 4. Centralised human resource function which outlines procedures for recruitment, training, appraisal and the reward system. 5. Timely financial and operations reports. 6. Scheduled operations and management meetings. 7. Centralised procurement function that ensures approval procedures are adhered to, as well as to leverage on the Group’s purchasing power. 8. Payment functions controlled at Head office. 9. Regular visits to the operating units of the Group’s businesses by the Executive Directors and senior management personnel. 0. Independent assurance on the system of internal control from regular internal audit visits. risk management Committee (RMC) To further enhance the BCrop’s system of internal control, it has established a Risk Management Committee (RMC).
... out effectively and efficiently. For example, internal audit and internal control are often associated with task control. Elements of a management control system In the previous paragraphs, we ... (task forces, standing committees, integrating managers); and (2) transfer price systems. Choosing the optimal management control structure Designing the management control structure involves a number ...
The Board entrusts the RMC with overall responsibility to frequently monitor and review the risk management activities of the Group, in accordance with the Internal Control Guidance, and approve appropriate risk management procedures as well as measurement methodologies. The RMC terms of reference included: 1.
To ensure that the strategic context of the risk management strategy is complete. 2. To determine the overall risk management processes. 3. To ensure that the short and long term risk management strategy, framework and methodology are implemented and consistently applied by all business units. 4. To ensure that risk management processes are integrated into all core business processes. 5. To establish risk reporting mechanism. 6. To ensure alignment and coordination of assurance activity across the organisation. 7. To act as steering committee for the group wide risk management programme.
BVC Online Reservation System BVC was officially launched new Online Reservation System in June 2010 which allows BVC members to make online bookings a year ahead. By using this system, members can immediate receive booking response, make changes about the bookings, check booking history and membership entitlement. Besides, a new Resort Maintenance section was set up within the Member Services Department to conduct routine inspections on all BVC room inventory and set off repair works and intend refurbishing works where necessary to minimize the inventory during down time.
Bellagio has tight controls over its dealer, which provide a high degree of certainty that the person being controlled will act as the organization wishes. However the vice presidents of table games are not tightly controlled because there is no good performance measure for them. In terms of cash control, Bellagio assigns employees the responsibility of certain amount of cash, and some procedures ...
Therefore, more member’s bookings were met especially during peak periods. The new system has run success and smooth of the operation for BVC Home Resorts and hence, BVC has introduce same booking procedure for its joined hotels and resorts. In April 2011, BVC in collaboration with an independent online service provider launched the external internal booking system for non Berjaya-owned hotel and resorts for better operational efficiencies and also giving members more choices of holiday accommodation.
In February 2011, BVC relocated its Customer Service Center and support staff from Berjaya Time Square to KL Plaza Suites at Fahrenheit88, Kuala Lumpur as part of its consolidation exercise and for better service and control of the suites. Finance of Barjaya Vacation Club In 2010, Berjaya Vacation Club Berhad (BVC) had reported a lower operating revenue of RM10. 5 million for the financial compared with RM12. 6 million last year 2009. It is mainly due to lower membership revenue. Besides, BVC reported a higher loss before tax in the current year generally due to higher provision for destruction in investments and bad debts.
But during the year under review, BVC had been develop a new Online Reservation system and BVC Online Reservation System was officially launched in June 2010. In 2011, BVC reported a slightly higher operating revenue this financial year due to an increase in annual maintenance fees charged to members. During the financial year under review, BVC has successfully launched its BVC Online Reservation system, allowing BVC members to make online bookings a year ahead to BVC Home Resorts. This new system has improving significantly in way of response and productivity.
6. Our system has many strengths, but there are also some weaknesses and improvements that could be made if time (and skill! ☺ ) allowed. Strengths: 1. All drop downs are populated from database - insures that a user can not select an incorrect / invalid item producing an error. 2. Views were created whenever possible - screen layouts are clean and easy to read; more efficient queries 3. ...
With the success and smooth operation of the BVC Online Reservation System for BVC Home Resorts, BVC has introduce the same booking procedure for its affiliated hotels and resorts. In April, BVC in collaboration with an independent online service provider launched the external internet booking system for non Berjaya-owned hotels and resorts for better operational efficiencies and also giving members more choices of holiday accommodation. In 2012, BVC reported a decline of 9% in revenue during the financial year under review mainly due to lower income from surcharges on Affiliated Resorts.
The despite the lower operating revenue, operating profit before tax for the year under review improved slightly when compared to last year mainly due to lower rental from Affiliated Resorts and lower staff and office expenses resulting from the implementation of a consolidation exercise. During the year under review, some of BVC’s properties including Fahrenheit Condominium (formerly known as KL Plaza Condominium), Equatorial Hill Resort, Berjaya Tioman Resort and Georgetown City Hotel (formerly known as Berjaya Penang Hotel) were upgraded to reflect a modern image.
The BVC Online Reservation system which was launched in June 2010 has received good response from members. In addition, it also has processed more than 126,000 transactions in a 2-year period. The system was enhanced based on member’s feedback to make it more user-friendly and to reduce booking errors. Annual Report 2009, “Berjaya Corporation Berhad Annual Report 2009”, viewed 7 November 2012, <http://www. berjayaproperties. com/images/b_lands_annual_report_2009. pdf>. Annual Report 2010, “Berjaya Corporation Berhad Annual Report 2010”, viewed 7 November 2012, <http://www. erjaya. com/pdf/annual-reports/bjcorp10. pdf>. Annual Report 2011, “Berjaya Corporation Berhad Annual Report 2011”, viewed 7 November 2012, <http://www. berjaya. com/pdf/annual-reports/bjcorp11-1. pdf>. Annual Report 2012, “Berjaya Corporation Berhad Annual Report 2012”, viewed 7 November 2012, <http://www. berjaya. com/pdf/annual-reports/bjcorp12-1. pdf>. Wikipedia 2010, “Quality management”, viewed 5 November 2012, <http://en. wikipedia. org/wiki/Quality_management>.
The Mahavira and the Buddha share the same fundamental beliefs in Karma and dharma, however, their philosophies on how to achieve Nirvana differ greatly. Self denial, meditation, and enlightenment are the three major ways these two individuals believed helped to reach Nirvana. The Mahavira believed that self denial and meditation were the ways to achieving Nirvana, when the Buddha believed that ...