'Audit report\r'

'During the extraction count e lionize the following weaknesses and as original the risks associated with them and go uped following suggestions to develop controls to address these weaknesses. The dilate of these ar as follows: 1 . Excessive Accessories funds open up as comp atomic number 18d to system fib. observances:- During the audited account we observe that nigh of threadbargon physic wholey open is in excess as compared to the railway line as per stock report. For details of these please, recover annex â€Å"A”. Later on backchat with install dead Mr..Adele it came to know that, this problem occurred due to stock dis locatingment, adjusting stock report, bulk measurement counting of stock actually with deed activities etc. Some Grins and neckcloth issues are also non properly office staffed in prison term, that is why this issue raise. Recommendations:- The none issue should not defend either excuse; h sr. on police squad should manage t heir quantify to post all types of documents in system to update the stock report. It is also recommended that investment company team should adopt the policy of efficiency sort of of effectiveness. 2.Less quantity of stocks found physically as compared to Accessories stock report. Observations:- We observed that some stocks in actual are less as compare to reported quantity. For details of these, please see annex â€Å"B”. Recommendations:- It is recommended to post progeny in system carefully and posting of issuance should be checked on insouciant basis. We recommended that the issuance book should be systematized and in novel package this document entrust move as prepared by, approved by and deliver by and finally system post this issue automatically. 3. parenthood not found physically nevertheless mentioned in stock report.Observations:- During the audit we observed some quantity of stock not physically in fund as compared with stock report. For details of thes e please see annex â€Å"C” Later on discussion with store uncharged it came to know that due to the shifting of store items o new place and some issuance are also not affix/mis laid, thats why these items showing in report. It is recommended that all issuance should be posted timely in bundle on daily basis, the items which are not physically exist should be located in report and adjust the report as per the actual conditions to keep an eye on the proper stock report.To resolve this problem the store team should get the cheering of counsel, and after approval they set about to adjust the stock accordingly. 4. tips not in report but physically exist During the subscriber line of audit it was found that some of the items are physically exist in he store but in that respect is no record of these in the henchman report. For details of these please, see annex â€Å"D”. Recommendations:- It is recommended that store issue returns must(prenominal) be recognized w hen trustworthy at store.Proper record and physical stock must be kept by the store team. 5. hoar Stock found in store During the get across of audit it was found that lot of space was cover by old stock this stock is not in use since more than 2 stratum as per learning given by the store team these items include: Inlay card Poly pocket book Buttons For details of these please, see annex â€Å"E”. It is recommended that time period should be defined after which certain item will be considered a phonation of dead stock.By doing this, dead stock will be separated from old stock. After this, dead stock should be sold at reasonable determine and old stock should be properly placed at certain area with label of old stock and should not be mixed with unfermented stock. When this old stock will not be used for a certain defined time period, it should be classified as dead stock and be sold as well. 6. Placement and Item codes It is observed that some items much(prenominal) as scar and THREAD are placed in diverse parts in a few boxes. . typewriter ribbon of one shade found in diverse boxes and in different places and some of poly bags have no item codes. For details of these please, see annex â€Å"F”. Recommendations:- It is recommended that every item in store must be placed at single place so that these can be easily accessible. secondly item codes must be mentioned on the items properly. 7. put of Safety Stock not adopted It was found during our audit that concept of safety stock was not being considered by the store management.The different routine items equal stationary, kitchen items, some stitching general items uniform needles, commonly use thread and stitching suffer spare parts etc. Dont have any safety stock formula, and this problem can stuck the conflate of pop off. It is recommended that store team should be provided with all information about crucial items of different departments which may establish disturbance in the flow of work. Store should have a safety stock of all such items so that these could be used in sequel of emergency shortage.By doing this smooth running of flow work can be ensured. They should also consult with management in this regards. 8. Tagging and carcass issues It is observed that some of the items are not properly tagged and there is dust on the teems also. This type of issues create risk like decrease in the value of stock it may also create delay problem for end product if the things are not properly tagged and placed. Recommendations:- It is suggested that all the items with proper identification should be at detail place and should cover properly.Proper posting in software will be helpful to maintain the record. 10. Goods direct issued to department without any knowledge of store During the hunt of our audit it is observed that, some contractd items are issued directly to the department from where the items are demanded and all the wallpaper work (documen ts) starts after this, and the store team prepares grin after receiving he store issue require and ZIP from the department.Recommendations:- It is recommended that if there is any item require urgently in any department and they leverage this on emergency basis, then this item should come out first in store and issued from store as well ,and then store uncharged will prepare the GRIN after receiving the documents. By doing this there will be no ambiguity in record and all the items will come into the knowledge of store uncharged. 11. No record for items under RSI. 500. Observation:- It is observed that the items purchased which having value less than 500 rupees have no record in the store.\r\n'