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22421 Management Decisions And Control
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22421 Management Decisions And Control
0 Download7 Pages / 1,633 Words
Course Code: 22421
University: University Of Technology Sydney
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
Prepare a report explaining and justifying how we could define ‘performance’ or ‘success’ for one organisation.
Critically analyse the institutional, organisational and individual influences on management accounting systems
Form professional judgments about the appropriateness of the design and operation of management accounting systems
Answer:
Introduction
In Australia KMPG started its origin since the year 1895, it was during the period when Frederic, J Smith started accounting activities in Sydney. In this context, the firm became a part of Peat, Mitchel & Co in the year 1949 that in turn turned into KMPG Peat Marwick in the year 1990. Eventually, in the year 1998, KMPG in Australian collaborated with several states and regionally affiliated to develop a network if their own. The company is an international channel of a professional organisation that intends to provide service associated with Audit, tax, and advisory services. In this context, the company functions in almost 152 countries and has 189,000 expert employees that are working together for the organisation.
The annual revenue of the organisation is seen to be as $45.6 million in the year that is 5% higher than that of the previous year with $35.2million. The company in Malta donated almost $15,000 for the conservation if potential volumes at the notarial archives. According to the report published in the year 2017, it has been found that their performance in the year 2016 was 2.3 (KMPG 2018). However, they delivered the weakest performance due to the financial crisis and 0.1% less than the estimation in the year 2016. The peak increased by 6% in the ear 2015 that was higher than the other peers. However, the organisational performance of the organisation can be evaluated by a range of methods and achievements. Therefore in order to effectively manage performance the needs to consider the strategic self-improvement of the company that has been achieved by the non-traditional methods (KMPG 2018).
In this context, the report aims to analyse the overall performance objectives of KMPG sand examines the way by which the company achieves these through different corporate and financial strategies. Considering the organisational goal the report presents the performance standards of the company with different strategically metrics. Finally, the report presents an illustration of the justification that is suitable for the company.
Organisational Evaluation
The corporate strategy of the company is to expand the returns and control demand risk with the dynamic market conditions, hanging government policies and economic fluctuations. The company support high quality of performance with relevant and insightful financial analysis for improving commercial as well as decisions of government policies. In this context their mission is to:
To support the customers in leveraging economic insights to make enhances business and improved decisions on the public policies (Adams, Muir & Hoque 2014). The company has the most experienced group of professional and policy advisors with market-leading expertise in the areas of:
Establishment of policies
Cost-benefit evaluation
Industrial evaluation and strategic business analysis
Economic as well as financial business framing
Financial forecasting
Urban decision making and infrastructure planning’
Review programs and evaluation of the program
Maintaining the regulation of the industry reforms
In terms of management KMPG international cooperates is a member of Swiss Cooperative that is part of the legal framework developed under the leadership of Swiss legal policy. In this, the international business carries out the business activities on behalf of the entire benefit of the KMPG channels of the organisation and service to the customers. The global council of the company focus on high governance activities and offers a platform for conducting open discussion and interaction among the employees of the organisation (Sadiq & Governatori 2015). It performs activities that are necessary for the shareholder meeting with no shareholders capital. On the contrary, the international; board of the major structure of governance that approves the strategies by protecting and improving KMPG brand by overseeing the system of international management of the company (Burke & Clark 2016). These are led by the Chairman and assisted by the executive committee including the chairmen and chairman of each of the location along with the members of executive committee of the board.
Figure 1: Management structure of KMPG
(Source: KMPG 2018)
Illustrating Performance
KMPG Australia’s global strategic mission is to develop value for the customers. In this context, the company struggle to maintain the balance between the financial performance and investment returns by approaching risk as well as innovation in service. It has been seen from various performance reports that KMPG employees specialise in improving their brand and marketing by helping the organisations to achieve the “customer first” motto to accomplish the desired financial outcome and operational results (Van Dooren, Bouckaert & Halligan 2015). In this context, the company aims to deliver the ever-changing activities that are necessary for achieving customer satisfaction and helping in creating the increased positive experience as well as financial value. The performance standards of the company show that:
In the year 2018, the cop any received Financial Review customer choice awards as the best Accounting Firm with a revenue of more than $400million
It has been considered as the one of the most famous Australian Tax organisation of the year amongst the international Tax review awards (KMPG 2018).
It has received Active employer Bronze tier employer position from the Australian workplace equity index,
In the year 2017, the company has been ranked among Australia’s top 25 attractors along with Australian association graduate employees neared due to the present top graduate employees. In this context, the company ranked in the position of 33 (Kiessling, Isaksson & Yasar 2016).
One of the major strategies used by the organisation is its data, analytical and the planning of thinking techniques that are inclined towards innovation. In this context, KMPG’s employees, performance as well as reward team establishes innovative, as well as a creative solution that strives towards involvement, retention and increasing performance around the organisation.
The main corporate business strategy of the organisation is associated with the regulatory changes and innovation (Lee & Herold 2015). In this context, KMPG’S tax technology and the team of innovation establish the solution that assists the tax leaders and the am to respond faster to the regulatory changes thereby reducing costs by facilitating streamlines operations. Moreover, these help in transforming data in wider commercial insights while enabling effective cooperation across the tax department. The department of digital solution within the company are driven by expertise that helps the industry in leading tax activities through an integrated form of approach by improving the tax operation while developing high performing tax benefits (Afzal, Lim & Prasad 2017).
Justification of Performance
Leadership and motivation is the key to the organisational performance of the organisation. Within a dynamic environment with an increasing number of target audiences the company successfully encourages and motivates their employees to obtain success through innovative business strategy. In this context, KMPG Australia achieved 3 degrees consulting in the year 2017 for which it is now one of the leading business enterprises that focuses on advising operation for the people’s rewards as well performance and shareholder interaction activities (Qian & Xing 2018). In collaboration with KMPG 3DS, the company can deliver the organisation with increased leadership and performance within one board of members.
Performance management of the organisation integrates all the components of the management progress towards the achievement of the organisation strategic objectives through the performance standards and efficiency of the employees. Apart from the company’s 3dc brings the highly potential experience of the industry along with subject matter expertise that helps to create incredible solution aligned with the objective of the company’s performance indicators (Quy & Ramsay 2015). Moreover, KMPG 3dc can help in supporting the organisations in managing performance framework and system of management thereby developing a strategic goal by setting KPI’S and other benchmarking design within the organisation.
Therefore the high-end quality of service is directly associated with KMPG’s capability to establish innovative features provided with a definition of success. Therefore, successful performance through innovation in business strategies can be illustrated by a range of factors. The most important factors in this are the complicacy of the company in performing high with innovation (Fan et al. 2016). The complex ranges of services are illustrated by the examining uniqueness of techniques in comparison to the competitors. Innovation in this context can be further illustrated by the number of innovative techniques used by the company to improve success. Therefore, this kind of performance can be signified as the outgrowing objective driven by innovation and cultural creativity.
Reference list
A. Adams, C., Muir, S. & Hoque, Z., 2014. Measurement of sustainability performance in the public sector. Sustainability Accounting, Management & Policy Journal, vol. 5, no.1, pp.46-67.
Afzal, F., Lim, B. & Prasad, D., 2017. An investigation of corporate approaches to sustainability in the construction industry. Procedia Engineering, vol.180, no. 4, pp.202-210.
Burke, J.J. & Clark, C.E., 2016. The business case for integrated reporting: Insights from leading practitioners, regulators, & academics. Business Horizons, vol. 59 no.3, pp.273-283.
Fan, D., Cui, L., Li, Y. & Zhu, C.J., 2016. Localized learning by emerging multinational enterprises in developed host countries: A fuzzy-set analysis of Chinese foreign direct investment in Australia. International Business Review, vol. 25, no. 1, pp.187-203.
Kiessling, T., Isaksson, L. & Yasar, B., 2016. Market orientation & CSR: Performance implications. Journal of Business Ethics, vol.137, no. 2, pp.269-284.
KMPG 2018, Home: KMPG AU. Viewed 10 August 2018,
Lee, K.H. & Herold, D.M., 2015. Carbon performance measurement & reporting in the global logistics industry: Challenges & Collaboration opportunities between corporations & academics. Environmental & Sustainability Management Accounting Network, p.92.
Qian, W. & Xing, K., 2018. Linking Environmental & Financial Performance for Privately Owned Firms: Some Evidence from A Australia. Journal of Small Business Management, vol. 56, no. 2, pp.330-347.
Quy, H.M.T. & Ramsay, B., 2015. Emotional Intelligence & Transactional Leadership performance Case study–KPMG Vietnam. International Journal of Business & Social Research, vol. 5, no. 6, pp.33-43.
Sadiq, S. & Governatori, G., 2015. Managing regulatory compliance in business processes. In H&book on Business Process Management 2 (pp. 265-288). Springer, Berlin, Heidelberg.
Van Dooren, W., Bouckaert, G. & Halligan, J., 2015. Performance management in the public sector. Abingdon: Routledge.
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