Suggestion for Improvement in processes, Training of Audit Staff and provide recommendation to management.
Use of Technology for auditing and analysis and reporting
Ensure the method of valuation of inventory as per the accounting standard under consultation with the statutory auditor, if required.
Checking and analyzing the work and taking daily reports from the audit team.
Verifying that obsolete, slow-moving, and damaged stock, stocks at third party locations/Specialized zones/ licensed/bonded warehouses/on-job work. Issued on slips & sold but not delivered.
Checking and validating the Scrap records and disposal like, Sale of used oil, Body parts, old batteries, plastic material, Sheet Metal (GI, MS, Aluminium & Copper etc.), cardboard & other waste material. Monitoring of profit on sale of black oil sale and other material.
Reporting and Analysis of Audit findings, analysing the Stock Ageing report, provide actionable insights to management for decision-making coordination and Communication with the stake holders to ensure the integrity and accuracy of inventory, contributing to overall operational efficiency and financial accuracy. Reporting of variance after discussion with the unit head & stores in-charge.