Are there internal auditing systems that audit a majority of suppliers on a regular basis (annually)? Are these completed by independent, respected auditors?
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Are there internal auditing systems that audit a majority of suppliers on a regular basis (annually)? Are these completed by independent, respected auditors?
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- The earnings of the organization can be considerably impacted by buyers and supply chain management. Anorganization may spend up to 50% of its sales revenue on the acquisition of goods and services, including rawmaterials.You are employed as a purchasing director at Food Lovers in Durban, South Africa. The selection of a supplier establishes the crucial issues that will determine whether the organization's procurement process is successful or unsuccessful.Critically examine how Food Lovers will detect which supplier is able to supply its requirements satisfactorily, bothstrategically and operationally in the short and long termWhat are the five major types of external forces that should be examined as part of an external audit? Give an example of each type of forceIn scanning environment, where should strategic auditor focuses more (internal environment or external environment), why?
- For your small business indicate your thoughts on the following credit policy areas. Q1. What are your credit or payment terms? How might this vary for a preferred customer compared to a new customer? Q2. How are your payment terms communicated? Where are they stated?Q3. Before issuing invoice or progress claim, what should make sure about the job or work you completed?Q4. Based on the trading terms of your business, when do you follow up late payment? (i.e. xx days)Q5. If your days collections blew out by 14 days, estimate how much would it affect your cash position in the first 4 months? (Approximate $$ will sufficeWhen performing an integrated audit of a public company, what arethe auditor’s responsibilities related to internal control as required by PCAOB standards?Elaborate on how a good management of the supply chain, using accounting systems, improves the customer’s satisfaction.
- You are an audit senior of Samyantwi & Partners and are in the process of reviewing the systems testing completed on the payroll cycle of Brown Industries Ltd, as well as preparing the audit programmes for the finalaudit. Brown operates several chemical processing factories across the country, it manufactures 24 hours a day, seven days a week and employees work a standard shift of eight hours and are paid for hours worked at an hourly rate. Factory employees are paid weekly, with approximately 80% being paid by bank transfer and 20% in cash; the different payment methods are due to employee preferences and Brown has no plans to change these methods. The administration and sales teams are paid monthly by bank transfer. Factory staff are each issued a sequentially numbered clock card which details their employee number andname. Employees swipe their cards at the beginning and end of the eight-hour shift and this process is not supervised. During the shift employees are entitled to a…You are the management accountant for a small company that makes and distributes picante sauce. You’ve been asked to prepare a presentation that will illustrate the company’s value chain. a. What activities or types of companies would you include in the upstream (supplier) part of the value chain? b. What activities would you include in the internal value chain? c. What activities or types of companies would you include in the downstream (distribution and retailing) part of the value chain? Need Proper explanationWhy should a procurement professional conduct a supplier audit now?
- Why should management periodically review its purchasing policies and procedures?What are the potential consequences if management does not review policies andprocedures? How often do you think it should go through a minor or major set ofrewrites?Why is it important to discuss promptly the results of a supplier visit or survey withthe supplier? If a supplier has a weak area, under what conditions would supplierdevelopment be appropriate?There are three ways: from Liabilities, from issuing Stocks, or from Profitable Operations. Describe each of these three ways and indicate where on the financial statements you could find the information about each. Hint: It might be in more than one place. Give the advantages and disadvantages for each. Give an example for each and show how you would record the transaction in the accounting. Please do not copy and paste from other websites.