The Implementation of Total Quality Management in Libyan banking Essay

The Implementation of Total Quality Management in Libyan banking sector - Essay Example Continuous improvement is a key element which enables the organisation to meet customer requirements, but it can be achieved when all employees understand what and how they are supposed to do and in what direction. Hence it is the responsibility of the management team to generate opportunities for continuous improvement. Although many strategic management theorists agree that internal and external factors affect the way organisations are managed, but, there are times when some important factors remain unnoticed by contemporary TQM theorists and gurus. TQM philosophy shows that countries such as USA, Japan and the majority of countries in the European Union have already adopted TQM as a basic business management approach. However, this does not seem to be the case with many developing countries. Crosby (1979) proposed 14 steps for attaining quality improvement and his approach is more focused on quality. He says : "we all believe that the problem belongs to management, prevention is the way to get it and we are all impatient that everyone is not leaping into what we see as a sensible mature philosophy of doing things, . Deming (1986) says that quality should focus on the worker, since worker is also the internal customer and that his needs, which, is job satisfaction should be met. Improvement in quality cuts down costs and increases the profit margin of organisations. He also emphasises the importance of commitment and determination of management to improve quality and argues that employees cause only 20 percent of all the defects in an organisation. Juran (1995) too shares the opinion expressed by Deming, by saying that 80 percent of all quality defects are caused by factors which are directly under control of management. He is also emphasizing the fact that top management should remain involved and must try hard to eliminate

AUDIT & ASSURANCE - SCENARIO - AUDIT OF SUNSHINE LIMITED Essay

AUDIT & ASSURANCE - SCENARIO - AUDIT OF SUNSHINE LIMITED - Essay Example This particular aim is of significant importance for the reason that we would want to arrive and formulate the suitable and appropriate audit opinion based on a financial statement that is actual and exact. Further more, with this particular approached we will not only be able to detect material misstatements in the previous financial statement. But, it will also show to us how some factors like adequacy of internal controls, the nature of transactions that company utilises, how the company monitors and oversees the production, how responsive is the management in addressing issues, how the company responds to human resources and human relations concerns, the possibility of senior management oversight and similar concerns within the company itself may contribute to risk and to financial statement that is materially misstated. And as a rule of the thumb in the business environment, a materially misstated financial statement may lead to an inappropriate audit opinion. And an inappropria te audit opinion may in effect lead to estimations that are detrimental to the company’s growth, profit, and solvency. Second, the market of the company is highly competitive and volatile. As such is the market environment of the company, risk-approached will help us center on divisions and facets of the company that are more susceptible to risks and problems like sales, auditing, and personnel hiring. This specific strategy in auditing will allow us to focus and zero-in on the more ‘problematic’ departments and divisions of the company while maintaining the supposition that good policies are in placed and are being observed. At the same time, this style of auditing will present to us the conditions that allow the less problematic departments to function in a manner that is aligned to the company’s goals and objectives. Thus, allowing room for the possibility of coming up with a more