Finance - Page 403

Internal Audit of Container Freight Station (CFS)

Timely preparation of manual for all major processes at CFS helped the company to run the operations effectively and efficiently. The manual preparation exercise created a bond between the internal audit team and the operational staff which resulted in a healthy interaction during continuous monthly internal audit. The internal audit issu...

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Internal Audit of Information Technology (IT) Organisation

The departmental heads who were earlier sceptical of the role of internal audit were appreciative of the internal audit reviews carried out and also started making number of requests for internal auditing of all new processes including new computer applications. They also requested internal auditors for continuous assurance work including...

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Implementing Risk Management — A case study

In a large engineering company operating in Western India having global operation, a new Chief Audit Executive (CAE) was appointed. The CAE had joined this organisation based on the public positioning of the group but felt disappointed within a few months of joining. The organisation had grown organically and was largely family-owned with...

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Internal Audit of Sales

A leading consumer goods industry in India, with a turnover of more than Rs.250 crores with activities spread across the country covering both the urban and rural markets, has been facing a downward trend in its sales along with rising marketing costs. Top management has been grappling with a changing consumer preference trend guided by t...

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Internal Audit of Payroll

Background :In the IT Industry, the key asset is the human resource. Payroll for an information technology company therefore forms the single largest component of expense. The success of an IT based organisation depends on the size and quality of its human resource. The activity is performed by these resources at the client’s site which...

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Internal Audit of Stores

An engineering company, with a turnover of Rs.350 crores, is into manufacturing and giving services for cooling appliances like air-conditioners — window, split, cascade, etc., refrigerators, water coolers. Its main Stores is at its three factories located at Mumbai, Vapi and Hyderabad. Mumbai factory is the largest factory located at ...

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Internal Audit of Procurement activity – A case Study

The management wants the internal auditors to now assess the procurement activity in terms of process improvements with optimal controls, compliance with laid down systems and procedures and cost rationalisation. The engineering company, whose turnover is 350 crores, is into manufacturing and giving services for cooling appliances like ai...

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Internal Audit of Personnel (Staff)

Audit Committee Chairperson has indicated to the partner-in-charge of the outsourced firm carrying out internal audit that the coverage of personnel audit would be desirable every six months. Chief Executive Officer and Chief Financial Officer agree with the importance given by Audit Committee Chairperson to Personnel area. They have indi...

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Magnetic Ink Character Recognition (MICR)

In MICR technology the information is printed on the instrument with a special type of ink which is made up of magnetic material. On insertion of the instrument in the machine, the printed information is read by the machine. MICR system is beneficial as it minimizes chances of error, clearing of cheques becomes easy and transfer of funds ...

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Electronic Funds Transfer (EFT) Meaning , Sysytem , Charges and Benefit

RBI EFT is a Scheme introduced by Reserve Bank of India (RBI) to help banks offering their customers money transfer service from account to account of any bank branch to any other bank branch in places where EFT services are offered.The EFT system presently covers all the branches of the 27 public sector banks and 55 scheduled commercial ...

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