See our latest copy routers from EUROPE with EXTRA-large section height capacity
BUSINESS MANAGEMENT | EDITORIAL
• Your board has made it a requirement.
• A red flag has been raised in a sector of your business.
• You would like objectivity and independence, require an expert, or would like a second opinion.
• You have a team that needs support or mentoring / development.
• You don’ t have this function at present and don’ t know where to start.
• You would like to reduce your business risks.
• You would like assurance that your business is operating as effectively as it can.
For one of our manufacturing customers, ongoing unexplained stock losses at one of its locations raised a red flag. The customer was concerned an employee or employees were conducting fraud.
As part of our review, we performed an investigation, held discussions with multiple
process owners, and broke down complex processes into smaller manageable parts( to identify root causes). Through our unbiased audit, it was discovered that the ongoing inventory variances were due to a process issue around warranty management, not fraud.
The internal audit approach, together with analytical, inquisitive and communication skills, resulted in a change in the procedures for the processing of our customer’ s products. These changes have since eliminated the ongoing inventory variances.
Internal audit and risk management can provide businesses with assurance that they may not otherwise receive. Recently, we conducted a review of a company’ s vendor masterfile and accounts payable transaction data. As a result of the review, instances were found where suppliers had been paid twice, vendor masterfile information was not complete and other exceptions that suggested internal controls and processes weren’ t working effectively. This review resulted in significant savings for our customer and highlights the importance of designing the‘ right’ internal controls and testing them regularly to manage risks effectively.
Internal audit planning and controls can greatly reduce the irreparable damage of risks on a business. It can provide businesses with assurance and protection as well as identifying risks that may not have been considered or initially perceived as risks. Internal audit can also enable a business to continue operating – even if faced with an unpredictable natural event. By design, internal audit and risk management frameworks add value, increase the productivity of a business and assist in achieving its goals and objectives.
For further information on internal audit or risk management, contact Peter on 0412 262 925, email pfrancis @ aceia. com. au or visit www. aceia. com. au
See our latest copy routers from EUROPE with EXTRA-large section height capacity
www. lunamachinerynsw. com. au( 02) 9676 5114
• Variable Speed Motor
• Rotating Table + 90, 0,-90 Degrees
• Large Capacity Max. Slot 585mm X 400mm
• Three( 3) Pneumatic Copy Pins
• Maximum Section Height 250mm
• Variable Speed Motor
• Horizontal & Vertical Clamps
• Large Capacity Max. Slot 300mm X 130mm
• Twin Copy Pins
• Maximum Section height 170mm
• Three spindles
• Large Capacity Max. Slot 620mm X 350mm
• Four( 4) Pneumatic Copy Pins
• Maximum Section Height 170mm
• Maximum Slot 290mm x 110mm
• Maximum Section Height 130mm
• Low Investment
• Twin Copy Pins
WINDOWS MAGAZINE 19