Managing Financial Resources

Managing Financial Resources

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Table of Contents

INTRODUCTION ............................................................................................................................ 2 TASK 1................................................................................................................................................3 1.1 Principles of Costing and Business Control Systems........................................... 3 1.2 Classification of costs residential home has to bear........................................... 5 1.3 Regulatory Requirement for managing financial resources..............................5 1.4 Evaluation of Accounting software............................................................................. 6 TASK 2..............................................................................................................................................7 2.1 Sources Of Income............................................................................................................7 2.2 Analysis of Factors affecting availability of Finance............................................ 8 2.3 Reviewing types of Budget............................................................................................9 2.4 Decision Making ways for expenditure..................................................................... 9 TASK 3 ........................................................................................................................................... 10 3.1 Preparation of Cash Budget........................................................................................10 3.2 Fraud Management........................................................................................................11 3.3 Measures to control and monitor Budgets............................................................11 TASK 4............................................................................................................................................. 12 4.1 Identification of level of service................................................................................12 4.2 Analysis of relationship between level of service and associated costs... 13 4.3 Effect of Financial considerations on residents...................................................13 4.4 Financial systems to improve the services...........................................................14 CONCLUSION.................................................................................................................................15 REFERENCES.................................................................................................................................16

Index of Tables

Table 1: Calculation of per unit cost for resident in a month.....................................6 Table 2: Functions, advantages and disadvantages for various software.............8 Table 3: Cash budget for 3 months ending December, 2016.................................... 11

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INTRODUCTION Finance is very crucial part of business and therefore managing is the important function. Functioning of a care home has several activities involved and costs associated with them. This report closely deals with costs to be undertaken and its broad classification. Further budgeting is applied and its importance are explained in decision making. It demonstrates the budgeting in planning expenditures and managing and controlling them to provide effective services

and

maintaining

existing

customers.

Planning

is

praised

in

management accounting and decision making. This report further creates the understanding the efforts of financial planning in management accounting and reflects its contribution towards success of the residential care unit.

TASK 1 1.1 Principles of Costing and Business Control Systems Principles of accounting Costing is based on fundamental principles and guidelines which leads to extract meaningful information. Major principles are explained below: Costing follows cost effect relationship : Cost is recorded on the basis of cause and effect relationship. Cause relationship drives the allocation of cost on the basis of its nature. For example: Cost is charged after the occurrence : Costing follows the principle that cost is charged only if the product is produced . For example: normal loss is included in cost of only those products concerned and not on all the products to be manufactured.

Abnormal cost are charged in costing :The cost which are abnormal or non routine in nature are not charged to the production. Since these are not directly related with the production process of the entity. For example: In case of care unit is fire occurs then damage cost will not be charged to cost centres rather it will be debited to Income Statement.

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Past cost not taken into future: It depicts that cost of particular period are treated as cost of the that period itself and cannot be deferred.

As it will unnecessary burden the future cost and display blurred picture.

However advertisement is an exception as it involves huge cost and benefits will be derived in future as well therefore deferred in future period as well.

Business Control System Some of major Business control systems which assists organisation are depicted below: The Procurement Process

Defining the Business Need: Objectives of the requirement of the system should be clearly communicated to the supplier. It deals with the need which laid the comapmny to think about control system. Care unit would like to go online for greater access therefore it defined the need(Ndolo and Njagi, 2014).

Development of procurement strategy : Procurement strategy is to wisely decided for application of system. There are various options available for Care unit to apply controls such as waterfall method, pilot method etc. which offers wide range of options to the client.

Supplier Selection and Evaluation : Selection of supplier is a tedious task and requires lots of tests and decisions. Vendor can be selected on basis of its past records or performing benchmarking or checklist test on the services offered. Point scoring method can be applied to give point to various vendors and selecting the best among the rest.

Negotiating and Awarding the contact : Once the vendor is selected negotiations should be entered in terms of quality of services or in cost measures to improve the efficiency of money invested(Miller and Rice, 2013). Further order and scheduled delivery of modules to be pre Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order.

determined for care unit for effective and timely set up of systems.

Induction and Integration : Terms of delivery should be clearly mentioned and reviewed to avoid any default on supplier side. Care unit should also controls and check on timely basis that agreed quality is offered and no compromises are entered with contacted terms.

Management Control System Under management control system various resources of organisation such as human, physical or financial are analysed under financial microscope of organisation strategies. This includes six elements which are listed below: Strategic Planning : As per this element of management control system strategic planning is preformed to create a roadmap and setting objectives to achieve organisational goals(Kerzner, 2013).

Budgeting : Budgeting involves setting standards on basis of past records for the revenues, expenses and other items on basis of future forecasting.

Allocation of resources : This involves allocation of human, physical and financial resources as per the budgeted plans and achieving desired objectives. Example: Allocating the appropriate budget to each sector such as housekeeping, pantry etc.

Measuring Performance : Once the resources are allocated and control system in unit starts operating performance is measured as per the standard.

Rewards and Evaluations : Rewarding of ranks to resource allocation and performance is evaluated and loopholes are overcome and rewards to be given in case of exceptional situation.

Responsibility centre Allocation : Responsibility for application of system is to be allocated to personnel for effective development and timely adoption of system into organisation. For example: head of acre unit is to be assigned this task.

Calculation of cost per unit for one resident in a month

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Table 1: Calculation of per unit cost for resident in

a month

Particulars Variable Cost Fixed Cost Total cost No of beds Per unit cost of resident in a month

Amount in ÂŁ 1200 75000 76200 65 1172.31

1.2 Classification of costs residential home has to bear Costs can be classified into different sectors by residential home and apportioned accordingly.

Direct cost : Direct cost refers to those cost which are directly attributable

to

the

prime

activity

and

fluctuate

with

level

of

production(Drury, 2013). For example: house keeping services are directly related with residential home.

Indirect Cost :Indirect costs are which are not directly relatable to the functions of residential home. For residential unit indirect unit consists of amusement facilities and gardening. These costs are shared between various functional departments of the residential unit.

Variable Costs : Variable cost are costs which vary with the change in level of activity. Food and supplies for kitchen will vary according to the persons residing. Moreover salaries to staff will depend on how much resources are utilised or labour hours worked.

Fixed costs : Fixed costs are costs which are irrelevant with the activities of the residential unit. In case of residential unit fixed electricity expenses and rent is fixed expense. Further purchasing machinery or furniture will not affect the output of firm.

1.3 Regulatory Requirement for managing financial resources Regulatory requirement refers to conformance with pre defined rules and standards and measures undertaken to follow them. Financial resources being most important part of business needs to be properly managed and utilised.

Some of them are listed below: Payment of taxes on time: Paying accurate taxes on time will avoid double cost one in the form of overdue penalties and interest and will Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order.

save outflow of cash from care unit. Secondly if proper records are maintained it will save the resources in terms of time and money and also payment of taxes for which the residential unit is liable and nothing more or less is paid.

Knowing costs regularly : To maintain the liquidity into business proper idea of day to day cost should be gained and managed accordingly. Minimum cash requirement should be kept to meet petty and regular expenses such as buying vegetables for kitchen, wages for chefs, salary for drivers or managers etc.

Updating

Accounting records : Maintaining accounting records would

avoid extra payments to suppliers and receiving short payment from customers. Proper accounting records reflect clear picture of residential unit and further helps in budgeting and planning.

Adopting fair price policy : Residential unit should adopt the fair prices policy and quality recommended by

Care Quality Commission . If prices

charged are high in comparison to quality of services offered it is ethical and illegal for residential unit whose prime focus is social service.

Authentic financial statements : Financial statements of residential unit should be fair and present a clear picture of the unit. This will improve image of unit perceived by investors or potential customers.

Further it should follow rules enforced by NHS Commissioning Board.

Respecting legal contracts: Agreement which re enforceable by civil laws or Healthcare Sector Regulator Monitor should be respected by residential unit to avoid legal repercussions and avoid fines or penalties.

Moreover the residential unit is engaged in health and social care and all the quality standards and contracts should be respected and considered in its day to day working(Jonathan, 2014).

Internal Auditing : Internal auditing is performed on internal operations, controls and comment on the efficiency of risk management process engaged into business. In case of residential unit internal audit function will check the quality of food, safety measures in the kitchen etc.

External Auditing : External Auditing is an independent body governed by Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order.

statutory provisions which present report commenting about fairness and accuracy in the information presented in financial statements. For illustration: Auditor appointed to comment upon financial statements of a residential unit.

1.4 Evaluation of Accounting software There are several accounting soft wares with distinct qualities but applicability differs. Some of them are evaluated below: Table 2: Functions, advantages and disadvantages for Software

Function

Advantages

various software

Disadvantages Conclusion

performed Open

Open

accounts

software integrates customised the

Accounts It

can

information easily

across the entity.

as

be It is costly in Open accounts comparison to is per paper

the

most

based suitable

methods.

non

for profit

requirements

organisation

of the clients.

such

as

residential care unit.

Cool care

Cool

care

specifically designed manage

is It

be It

requires As this system

utilised on any extensive to device

save

knowledge

and available such about

control activities of as care unit.

can

personal gadgets

computer,

time,

efforts

and

money

and

. has

Incomplete

user

friendly

laptop, android knowledge will integrating phone etc.

hamper

the system

quality

and therefore

data needs.

should

be

adopted easily by

residential

unit.

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CareSys

This

is

fully Since

the It

integrated

and solutions

easy

use modules

to

system. different for

single This

or centralised are system

This available

integrates

has

on therefore

efficient

care

services

and

risk saves

all mobile phones of data loss is and modules therefore

ease

management.

high

of information cost easily

as

duplicate

can

be records

shared maintained.

between or

two more

locations

provides

time ensures

no compliance and re comes

also in

modules therefore increasing flexibility.

easily.

TASK 2 2.1 Sources Of Income Performance of every function in a company depends upon the availability of finance. Financial resources comes from various sources of income and funds. Some of the sources are defined below: Government grants : Government subsidy or loans are considered as government grants with the attached conditions. On fulfilment of terms the grant stands in the hands of applicant. Residential unit can trust this source of income as it deals in social service which is strongly supported by government(Vogt and Kluge, 2015).

Personal Savings : Personal savings of the entrepreneur are best and trust worthy source with no risks and terms attached. Further investing savings into business will create confidence amongst others and chances of business to succeed will increase.

Venture capitalist : Venture capitalist are modern risk takers who invest the money into new ventures and shares part of profits in return.

Residential unit is concept which attracts investors and therefore prove to be good sources of finance.

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Self generated Income : Income generated from running residential unit will become source for further improvements and ventures. Moreover self generated income is best source as it has no obligation against it.

Short term loans : Cheap source of finance is raising short term loans from financial institutions, credit agencies or relatives and friends.

However financial risk increase with more use of debt in entity. Further overdraft or efficient working capital management will be great source of finance.

2.2 Analysis of Factors affecting availability of Finance Finance is influenced by several factors present in business environment.

Some of the major factors are demonstrated below: Government Funding : UK economy is comprised of service sector and social service being part of it. UK government spends huge amount on people reflecting major spending. Since social service sector has human as a major component and government spends lot on human resources of the country. Therefore most of the capital and revenue investment in health and social care sector are from government sources.

Priority of the project : Projects which are considered will get the funding prior to those considered less important. For example: Projects involving intensive healthcare unit (ICU) or cancer treatment centres will get funding first in comparison to residential unit therefore finance is routed in prioritised manner.

Private Funding : Not every unit gets funds from government for functioning. Some of them are funded from private sectors funds such as short term loans, sale of fixed assets or retained earnings etc. which have certain implications attached such as financial implication in form of cost, taxes and interest.

Social Deprivation Index : Geographic locations which are socially deprived of the technological and modern amenities will attract more grants from government and will get definite finance.

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2.3 Reviewing types of Budget Budgets can be reviewed on different basis. Some of them are described below: Cost centre : Cost centre are the department in the organisation based on which resources are allocated and costs derived. Cost centre such as human resource or designing or research and development have allocated tasks and associated costs which are to be strictly adhered.

Further budgeted expenditures and cost should be divided on basis of functions

performed

by

cost

centre

in

achieving

organisational

profitability. For example: In a residential ubit cost centre can be formulated such as food department, health department, entertainment department, grocery department etc. to have better control.

Project Management Budget : Project should be governed by comparing actual with budgets and controlling the variances. However major components are firstly base cost estimates which includes estimating the costs of routine nature on the assumptions that everything remains favourable. Secondly a good budget should have space for any sort of contingency that would arise in course of action.

Contingency money is financial resources kept aside for emergency situations. Thirdly management reserves are created for events which are unfortunate and unforeseen such as fire in house or floods in town etc.

Outsourcing : Outsourcing is assigning the support services of entity to outside agencies. Outsourcing reduces the cost of entity in training activities and moreover it can lay more focus ion the prime activity of the business. Residential unit can outsource the cleanliness services so that it can focus on food and healthcare facilities.

2.4 Decision Making ways for expenditure Planning the expenditure is crucial function for achieving profitability targets for the entity.

Command : This type of decision making focuses on following the commands

given

be

one

individual

and

following

the

command

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blindly(Zsambok and Klein, 2014). Residential unit should not apply this model as it will make the leader a hated figure and affect the organisational structure.

Consult : This is good strategy for decision making a sit involves the suggestions from all the people concerned(Pettigrew, 2014). It adds the value

to

decisions

and

involves

various

experts

to

present

the

expenditure management in effective manner in a residential unit. For managing cost consultant should be approached.

Vote : This type of decision making is applicable when options are available and choice is to made then. People concerned are asked to vote in favour or against and the one with majority is selected. Discussion should be based to justify the votes and reasons explaining the action in a residential unit. Regarding changing the food services expenditure or menu replacement voting should be applied .

Consensus : This method is used to bring integrity and high quality decisions s it refers to discussions until everyone concerned agrees at a single point. It is applicable only when support from everyone is needed or issue is complex. Suppose residential unit wants to open a new branch then it is a complex decision and consensus method can be adopted to plan the expenditure for the same.

TASK 3 3.1 Preparation of Cash Budget Budgeting is an effective tool of financial planning(Hope and Fraser, 2013).

Table 3: Cash budget for 3 months ending December, 2016 October Particulars

November

December

Amount in ÂŁ Amount in ÂŁ Amount in ÂŁ

Cash Inflows Monthly allocation from government

150000

155000

170000

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Self generated income

20000

38000

46000

Total cash inflows

170000

193000

216000

Cash Purchases

50000

60000

65000

Credit Purchases

0

18000

24000

Rent in advance

20800

0

0

Labour cost

56000

60000

54000

Other Expenses

14000

10000

15000

Bank loan repayment

10000

10000

10000

Furniture and kitchen upgrade

23000

0

0

Semi annual insurance cost

0

20000

0

Total Cash Outflows

173800

178000

168000

Net Cash Flow

-3800

15000

48000

Opening cash balance

14000

10200

25200

Closing cash balance

10200

25200

73200

Cash Outflows

Since the income is below the expenditures for the month of October however the same is compensated by the initial cash balance available.

However residential care unit can invest the surplus cash into fixed interest bonds as they are lying under utilised(Callaghan, Hawke and Mignerey, 2014).

Moreover cash is managed effectively and managed as per the expenses planned. Budgeting is an important tool to provide insight into future about future expenses and income. Self generated income can be increased by attracting more customers and maintaining existing by improving quality of service(Rigby and Bilodeau, 2015). Since plenty of cash is available it can provide extra services as agreed as discount and motivate customers.

3.2 Fraud Management Fraud is a term which address all the criminal deceptions which cause wrongful gain to one and loss to others financially or personally. Evidence for all the frauds should be collected and the person who has committed the offence to be reasonably punished(Hess and Cottrell,

2016). This will avoid others to

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perform the same wrongful task.

Financial Frauds : Frauds which includes finance or money in action.

This fraud affects the residential unit adversely. In a residential unit financial fraud such as embezzlement of cash common and if detected should be avoided by tracking the movement of cash on regular basis.

Further maker should not be checker in case of passing vouchers for expenses(Shi, Accounting

Connelly and Hoskisson, 2016). frauds

:

Frauds

detected

magnificently or illusionary which

in

recording

misleads the

transactions

user of financial

statements. If such frauds are detected than audit function is to be held responsible and scope of audit is to be widened by residential unit(Chen and et.al., 2016). Major fraud occurs when vouchers are prepare on name sake without any evidence. Leakage of information will bring disrepute therefore security measures should be adopted such as CCTV cameras, details of visitors etc.

Personal frauds : Personal benefit or harassment of others is criminal offence and once detected culprit should be handed over to police. Fraud in terms of sexual or physical assortment is a major concern for residential unit and should be prevented by undertaking proper measures and controls.

3.3 Measures to control and monitor Budgets Budgets

include

all

the

revenues,

expenditures,

working

capital,

production , sales, income etc.. Therefore monitoring the same will lead to effective control on cost and allocation of resources in an efficient manner (Lauth, 2014). Budgets can be monitored in following ways: Continual Forecasting of Budget : Budget should be forecasted frequently and necessary changes to be incorporated. This will reflect the clear scenario and avoid hypothetical target setting. With any change in social patters residential unit would be affected hence budgets should be revised accordingly(Hunter, Fitzgerald and Barlow, 2014).

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Resource utilisation : Effective utilisation of resources is must for controlling the cost and income which forms major part of budgeting.

Allocation or deallocation of resources on demand influence financial position of business(Mbugua, 2013). Residential unit should hire workers on need basis as free lancing will reduce the cost of permanent workers.

Controlling income and expenditure : Residential unit should take efforts to reduce the costs and increase revenues. Manager should conduct activities which encourage residents to perform the household tasks as this will reduce petty expenses and further initiatives to be taken to manufacture handmade products in leisure time to bring extra income to organisation and improve their creativity. Budgeting is all about managing

income

and

expenditure

as

per

the

available

resources(Al ,Pfahl and Ruhe, 2016).

TASK 4 4.1 Identification of level of service Decision making is a core factor and enables entity to generate profits and reach unexplored levels. Decisions integrate the efforts of all the levels of organisation

and

march

them

towards

achieving

organisational

goals(Fitzsimmons and Fitzsimmons, 2013). Valid information and data are the most required platform based on which management takes decision therefore residential unit should base its decision on information collected from following sources : Management

Accounting

:

Information

about

cost

and

price

relationship provides the price to be charged to residents for services and hence

helps

in

determining

the

quality

of

services

to

be

offered(Bjørnenak and Kaarbøe, 2013). Level of services aspired by users is to be determined to evaluate the profits margins or income and expenditures to be incurred.

Current and Forecasted Demand : Residential unit should design its service package according to the demand in market. As changes in social behaviour patterns of customers will demand more services therefore Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order.

market survey should be conducted and results analysed to derive a clear graph of demand of service in market(Christopher, 2016). However quality of service is not be compromised and should be in accordance with Healthcare Quality Commission.

Actual Budget : There are various types of budgets one among them is standard budget which is based on past performance and forecast future expenses and income. Actual budget present the clear picture in flexible manner(White and Miles, 2015). Residential unit should follow the actual budget as it will closely examine the expenses and income and present clear picture for deciding level of service.

Further human being the crucial part of economy is focussed by government.

Therefore Care quality Commission is formed by government to regulate the quality standards in the sector. Hence residential unit should work in conformance with the standard and guidelines demonstrated by Care Quality Commission to avoid disrepute and increase confidence among customers.

4.2 Analysis of relationship between level of service and associated costs Quality of services and associated costs are into direct proportion with each other. However the relationship between them depend on several factors.

Accountability : Since the residential unit is dealing with social service sector therefore it is accountable to society as a whole. Further price of service should

do justice with with the quality of service. Since

accountability is high quality of service should be high therefore raising the cost to maintain the same.

Cost benefit : Cost benefit analysis plays major role in deciding the quality of service. How efficient each penny is utilised

depicts the

benefits derived and quality of service. More benefits reflects better quality(Burke and Ryan, 2014).

Compliance : Compliance requirement depicted by various regulatory authorities guide the relationship between cost and quality. Quality suggested by them is to be strictly adhered and therefore raising the cost.

Pricing Policy : Pricing policy is most crucial factor. High quality Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order.

services such as AC rooms in unit will increase the cost and thereby high prices for privileged customers. Moreover luxury services will influence high cost and prices(Blais, 2015).

Transparency with stakeholders : As it is universal truth that cost increase with increase with quality. Customers are major stakeholders and quality of service should present the cost that would have been incurred behind the quality delivered. Customer should able to feel the worth of each penny paid by them.

4.3 Effect of Financial considerations on residents Financial Considerations refers to adding a angle of financial perspective in

decision

making.

It

refers

to

considering

capital

and

surplus

requirements(Financial Considerations ,2017). Some of the financial considerations affecting the customers in healthcare sector are listed below: Quality of service: Quality of service is a major cost driver and affects the customers widely. With the increase in quality of services the customers satisfaction in the residential unit will increase and they will refer the unit to their relatives and friends. Quality will increase the popularity of the unit(Goetsch and Davis, 2014).

Access to service : Wide access to service by opening various branches or extending helping hands to crowd will stimulate the residents of the unit and service mobility will increase their level of satisfaction. This will increase the cost despite improving revenue and increased market share.

Withdrawing or reducing services : Withdrawing some of the services from the package without reducing the cost will adversely affect the goodwill and customers will feel cheated. Therefore withdrawing service affects business and residential unit should considerer this. For example before removing chauffeur suggestions from customers need to be taken or services regarding weekend picnics need to be driven by customer's opinion.

Change in staffing level : Before employing additional staff or Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order.

removing existing ones customers perspective to be studied. Further proportion between number of residents and staff is to be maintained for effective and on time services(Mary and Rowan, 2014). However this adds to cost therefore residential unit should take appropriate measures to review the requirement.

4.4 Financial systems to improve the services Financial system and process assists every organisation in improving the quality of service and its brand image. Performance of the residential unit depends on several factors but financial system guides it towards earning calculated profitability through following manners: Assessing value for money : By assessing the value of each penny paid by customer, residential unit should provide service that make customers feel that the services are worth the charge. Further this will increase profitability through mouth publicity and unit becoming popular therefore attracting more customers.

Cost and unit estimations : Through assessing the cost and prices per unit, residential centre should fix the price and thereby improving the quality if final price comes to be reasonable.

Management consultants : Residential unit should visit management consultant for gaining the expert advise regarding the market trends and ways to improve the profitability and market share and bringing financial stability.

Prioritising : Prioritising the crucial services is an important task. Major task

such

as

quality

food is

more

important in

comparison

to

entertainment services offered. Therefore resource allocation is to be guided by priority list.

Reassessing expenditures : Expenditures incurred on rendering services should be reviewed and control measures should be adopted with increasing experience. Further suppliers providing high discounts with specific quality should be approached for better profit margin without compromising on quality standard(Groenewald, Wright and Instant Assignment Help has a team of professional writers for online Marketing Dissertation topics. Order Now and get upto 35% OFF on your first order.

Palermo, 2015).

CONCLUSION The above report covers the management of financial resources for residential unit in a comprehensive manner. It can be concluded that budgeting is an effective tool for planning and forecasting the future expenses and revenues. Types of budget are described for their adaption into residential unit.

Further diverse sources of income are available for residential unit however government

grants

are

considered

best

source.

Suspected

frauds

are

addressed, explained and their reporting is suggested for better management of unit. Moreover relationship between level of service and cost associated is described for making effective decision making and progressing towards profitability. Further report explains the financial information systems and their applicability into organisation.

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REFERENCES Books and Journals Al Alam, S.D., Pfahl, D. and Ruhe, G., 2016. Monitoring and Controlling Release Readiness by Learning Across Projects. In Managing Software Process Evolution (pp. 281-303). Springer International Publishing.

Bjørnenak, T. and Kaarbøe, K., 2013. The dynamics of managment accounting and control systems. M. Falconer, H. Nørreklit, & M. Jakobsen, The Routledge Companion to Cost Management. pp.163-173.

Blais, K., 2015. Professional nursing practice: Concepts and perspectives.

Pearson.

Burke, L.A. and Ryan, A.M., 2014. The complex relationship between cost and quality in US health care. The virtual mentor. 16(2). pp.124-130.

Callaghan, S., Hawke, K. and Mignerey, C., 2014. Five myths (and realities) about zero-based budgeting. McKinsey October.

Chen, J., Cumming, D., Hou, W. and Lee, E., 2016. Does the external monitoring effect of financial analysts deter corporate fraud in China?. Journal of Business Ethics. 134(4). pp.727-742.

Christopher, M., 2016. Logistics & supply chain management. Pearson Higher Ed.

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