An introduction to the reasons why marketing cannot be audited in the same way as financial accounts

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An introduction to the reasons why marketing cannot be audited in the same way as financial accounts

Balance Sheets ; Income Statement ; Financial Statement Annual reports are formal financial statements that are published yearly and sent to company stockholders and various other interested parties. Both for-profit and not-for-profit organizations produce annual reports.

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Annual reports have been a Securities and Exchange Commission SEC requirement for businesses owned by the public since Companies meet this requirement in many ways. At its most basic, an annual report includes: General description of the industry or industries in which the company is involved.

Audited statements of income, financial position, cash flow, and notes to the statements providing details for various line items. Some companies provide only this minimum amount of information. Annual reports of this type usually are only a few pages in length and produced in an inexpensive fashion.

The final product often closely resembles a photocopied document. For these companies, the primary purpose of an annual report is simply to meet legal requirements. With this in mind, many medium-sized and large companies devote large sums of money to making their annual reports as attractive and informative as possible.

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In such instances the annual report becomes a forum through which a company can relate, influence, preach, opine, and discuss any number of issues and topics. An opening "Letter to Shareholders" often sets the tone of annual reports prepared for publicly held companies.

The chairman of the board of directors, the chief executive officer, the president, the chief operating officer or a combination of these four usually sign the letter on behalf of company management. Some of these letters may run a dozen or more pages and include photographs of the CEO in different poses some even expound on topics that, while perhaps of only tangential interest to stockholders and other readers, are of importance to the CEO.

More often, however, these letters are significantly shorter, amounting to 3, words or fewer. In addition, particular events or economic conditions of a given year may be incorporated into the themes advanced in an annual report. Companies also use milestone anniversaries—including industry as well as company anniversaries—in their annual reports.

Promoting a long, successful track record is often appealing to shareholders and various audiences, for it connotes reliability and quality. Still other companies have developed a tried-and-true format that they use year after year with little change except updating the data.

Employees who today are also likely to be shareholderscustomers, suppliers, community leaders, and the community-at-large are also targeted audiences. Employees The annual report serves many purposes with employees. It provides management with an opportunity to praise employee innovation, quality, teamwork, and commitment, all of which are critical components in overall business success.

In addition, an annual report can also be used as a vehicle to relate those company successes—a new contract, a new product, cost-saving initiatives, new applications of products, expansions into new geographies—that have an impact on its work force.

Seeing a successful project or initiative profiled in the annual report gives reinforcement to the employees responsible for the success. The annual report can help increase employee understanding of the different parts of the company.

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The annual report can show employees how they fit into the "big picture. So, like other shareholders, these employees can use the annual report to help gauge their investment in the company.

Customers Customers want to work with quality suppliers of goods and services, and an annual report can help a company promote its image with customers by highlighting its corporate mission and core values. Customers are reducing their number of suppliers, and one evaluation criterion is financial strength.ADVERTISING AND SALES PROMOTION.

UNIT – I INTRODUCTION Adverting is only one element of the promotion mix, but it often considered prominent in the overall marketing mix design.

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Overly broad deployment – When marketing tries to take on too broad a role in a specific account or too many ‘specific’ accounts at the same time, it typically does not work.

One-on-One Meetings (BNI Homework): These are one hour meetings between two members in a more personal setting billed as a way for you to get a deeper understanding of each other’s businesses. Sounds great on paper.

In reality these meetings are often used by your fellow members as an opportunity to sell you their wares. Corporate governance is the mechanisms, processes and relations by which corporations are controlled and directed.

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Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders) and includes the rules. Tweet Avoiding the Pitfalls of Centralised Procurement 16 Reasons why procurement cost-saving initiatives fail to deliver to the bottom line Tony Colwell - 17 November Even though we’re a fun bunch, we still have a few rules.

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An introduction to the reasons why marketing cannot be audited in the same way as financial accounts

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An introduction to the reasons why marketing cannot be audited in the same way as financial accounts
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