- The picture above displays the entrance to enter Tesco Hypermarket.
The
first limitation of the internal controls in Tesco is that the security guard
at the entrance is not strict enough. As there are many customers go in and out
of the hypermarket in a daily basis, the security guard was supposed to lock
the bags of customers properly to avoid shop lifting. However, as seen in the
first picture above, there is only one security guard on duty at one moment.
Due to the large number of customers visiting Tesco, the only one security
guard cannot cope with the crowded situation and thus he is unable to perform
his duty responsibly. As we can see on the photo above, the security guard only
lock one department of my bag.
Besides
that, the other limitation of the internal control in Tesco that I notice is
that there are certain areas in Tesco Hypermarket where the CCTVs coverage is
limited. As we can see in the photo, there is no CCTV found in this stretch.
This will allow potential shoplifters to steal the goods in this hypermarket. Furthermore, the items found in this area are small in size which can easily be stolen without anyone noticing.
The picture above shows a female consumer who tries to steal the goods of the hypermarket which is caught in the CCTV image. Therefore, Tesco Hypermarket should install more CCTVs throughout the store especially in the corners. As this will deter potential shoplifter to commit crimes and also protect Tesco Hypermarket’s assets at the same time.
Moreover, limited number of
security guard in the hypermarket is also one of the internal control’s
limitations. As refer to the photo above, there is only one security guard at
the exit point right after the counters. As the exit point is the area where
all customers exit, one security guard is definitely insufficient to prevent
any crimes from happening because a security guard alone cannot keep an eye on
every customer in one go. Although the number of CCTVs in this area is huge and
its coverage is wide, but as the saying goes, prevention is better than cure.
There is nothing much the management can do about it once the crime has
happened. Therefore, it is practical and important for the Tesco Hypermarket
management team to hire more security guard. This act can eventually ensures
customers’ safety and prevent crimes from happening.
The basement parking is commonly known as a crime hotspot in Malaysia. Thus it is also one of the limitations of consumers’ safety. This is because the Tesco management has not put in enough efforts to solve this problem.
As we can see in the photo above, the basement parking is enormous and dim. Furthermore, there is no security guard that can be seen or an emergency HELP button provided on the wall. As a result, this will attract snatch thieves or car thieves to easily act upon their victims here. Therefore, Tesco Hypermarket management team should install the HELP button and employ security guards to patrol around the basement car park or even escort consumers to their cars to ensure there is no suspicious activities happening in the car park, which will increase the safety of the consumers shopping at Tesco.
- Emergency HELP button found in other shopping complex.
Lastly, setting up a police post is a significant method to avoid the happening of crimes. The presence of policemen will surely scare off thieves or snatchers to commit crime at basement car park because with the presence of policemen, chances of them getting caught will increase greatly. Meanwhile, Tesco Hypermarket had set up one of it at the basement parking. However, it is not been used efficiently. In our two hours of observation, we observe that there is not even a single policeman on duty in the post. When customers need emergency assistance, no one will be there to assist them and thus consumers’ safety is threatened.
2.
The very first way Tesco Hypermarket can help the community is through actively supporting the local communities. Tesco Hypermarket established Tesco-UMCC Helping Children with Leukaemia Fund. The aim of Tesco-UMMC is to raise money for the low-income patients with the Leukaemia of University of Malaya Medical Centre (UMMC). Tesco Hypermarket had organize different fund raising events making RM1 million as their target in three years’ time. The funds raised from these events are to help and assist the low-income families who cannot afford to pay the treatment cost, special medication and equipment for their beloved ones who undergo the treatment in UMMC.
Besides that, Tesco has
implemented ‘Community Champions’ into their Tesco branches. This method
creates an opportunity to work with the local people that will produce a
positive difference in an area. Members from the Community Champions will
support and contribute to events, local charities and councils actively. In
future, Tesco Malaysia can help the community by expanding their social works
to help more peoples in need.
Tesco has the attitude of “treat people the way you want to be treated”. They really mean it and did it for their employees. That is something that sets them apart from the other multinational companies. They actually believe that treating each other with respect will really lead to equal opportunities to everyone. They are also continually fixing their problems that are raised out from the employees and staff to make sure that the Tesco area is a friendly conducive environment for their workers to work there. Although their company is quite huge in the field, there is also plenty of intention to be a part that suits you. When you joined the Tesco family, you can really find that there are a lot of opportunities that you can further your career with their company as their company is a large growing business. For example, the turnover rate in Tesco is low as the employees is satisfies with the working environment in Tesco as they are given the chance to excel in the company.
Tesco has the attitude of
“treat people the way you want to be treated”. They really mean it and did it for
their employees. That is something that sets them apart from the other
multinational companies. They actually believe that treating each other with
respect will really lead to equal opportunities to everyone. They are also
continually fixing their problems that are raised out from the employees and
staff to make sure that the Tesco area is a friendly conducive environment for
their workers to work there. Although their company is quite huge in the field,
there is also plenty of intention to be a part that suits you. When you joined
the Tesco family, you can really find that there are a lot of opportunities
that you can further your career with their company as their company is a large
growing business. For example, the turnover rate in Tesco is low as the
employees is satisfies with the working environment in Tesco as they are given
the chance to excel in the company.
The 5 principles are:
-Actively supports local communities
-Caring for the environment
-Giving customers healthy
choices
-Supporting local suppliers
-Creating jobs for locals
3.
There are five accounting concepts that are crucial in the business of Tesco Hypermarket. These accounting concepts ensure the objectivity and consistency of the financial information when it is prepared. These accounting concepts help a lot in the business of Tesco Hypermarket.
1)
Historical
Cost Concept- The assets and goods sold of Tesco Hypermarket are shown at the
cost price. This concept is used to achieve an agreement of every customer on
the same amount of goods sold. This allows every customer to compare the changes
of price in the business.
2)
Money
Measurement Concept- All values of the goods sold is measured and value by
money. With the use of money measurement concept, every goods sold is
measurable in monetary units. For example, stonebaked pizza is valued $2.85 and
2 for $6. This will allows the users to accurately compare the performance of
the company with other companies.
3) Time Interval Concept- Tesco Hypermarket has subdivided its entity into arbitrary time periods of equal length. Reports are released monthly/ annually or quarterly. This allows the user of the financial information to determine the performance and the financial position of the business (Tesco).
4)
Accrual
Basis Assumption- All effect of transactions or events are recognized and recorded
when the transaction undergoes. This concept will allow more accurate
information to be shown to the customers and users of the financial
information. For instance, a receipt is always given to the customer when they
pay. Other than that, in the financial reports of Tesco Hypermarket, some
transactions like withdrawal and returning of goods to creditors are shown to
provide more accurate information regarding the statement of comprehensive
income and statement of financial position.
5) Going Concern Assumption- Every year, Tesco Hypermarket releases its annual report and it is prepared under assumption that the entity will continue to operate in the future. Financial reports are shown annually in the website: http://www.tescoplc.com/index.asp?pageid=540 . This will allow the user of the financial position to have a better understanding of the financial report.
