Preview

Audit Reports of Purchase

Good Essays
Open Document
Open Document
2437 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Audit Reports of Purchase
EXECUTIVE SUMMARY

• Indents were approved in all levels, but such indents were pending for Purchase Order.

• Indents pending for 4th approval, hence preparation of Purchase Order was also pending.

• Same nature of items was routed through different item head.

• Rates on the same date differ of items having similar description.

Purchase Order prepared for higher rates, however rates which was agreed was less.

• Condition of excess carting mentioned in Purchase Order; however it was not in Comparatives.

• Order given at higher rate; however College has an option to purchase at lower rate.

• Procedure of charging VAT to SGR Publication is different from institution to institution.

• Rate of VAT is different for the same item.

• Purchase Order was prepared after placing the order.

• CST Charged on local purchase @ 2%

Indent

2 Indent Approved But Pending For Purchase Order

In some cases we have found that indents were approved, but the Purchase Order for same was pending till the date of analyzing the data i.e. August 12, 2009. As per the practice followed in the institution, Purchase Order should be prepared within 3 days from the date of 4th approval.

In some cases materials has been issued but indent for the same is not yet closed. Therefore system still showing pending indents. It needs to be closed.

The details of such cases with there reasoning are given in the Annexure No.1

3 Indent Pending For 4th Approval

In 8 cases as listed in Annexure No. 2 there has been delay in 4th level approval. As there is delay in 4th approval there is delay in passing Purchase Order.

5 Unnecessary Account Head

We have come across with cases where item of same nature were routed through different account head. If department has to purchase any item having different description, it opens different head for the same item having different specification, however in the system item can be

You May Also Find These Documents Helpful

  • Satisfactory Essays

    -Duplication of orders was a common occurrence in an effort to avoid any downtime. This resulted in multiple deliveries of the same item within days, sometimes from the same supplier.…

    • 305 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    A.19 To perform an attestation engagement on prospective information or pro forma information, accountants must do all of the following except:…

    • 294 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    * c. If the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the vendor…

    • 578 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Risk Management Plan Devry

    • 1424 Words
    • 6 Pages

    5. Equipment delay. Equipment needed to complete the project is delayed. Un-availability of equipment. Equipment availability is important as well.…

    • 1424 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Quiz 2

    • 592 Words
    • 4 Pages

    12. The Uniform Commercial Code permits sellers to exclude warranties in whole or in part.…

    • 592 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Qmb Final Exam

    • 2971 Words
    • 12 Pages

    offered some months later. It is felt, for product B, that there is a 30% chance of selling…

    • 2971 Words
    • 12 Pages
    Satisfactory Essays
  • Satisfactory Essays

    LAST TRANSACTION INFORMATION DOCUMENT NO: W55VZJ92408069V CIF NAME: NW4600 - FORT RILEY ISSUING CIF NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 NW4600 MENU #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 #03 LIN 05008N 05009N B13907 B14729 B15825 C33538 C50256 C96536 DA1556 DA1588 DA6504 DA6506 DA6508 DA650F DA6517 DA6529 DA652Q DA652Z DA6545 DA6553 DA655K DA655V DA6562 DA6563 DA657E DA657R SIZE M-R BLACK M-R BLACK GREEN GREEN OLIVE MED WDLD M-S/R BLACK 1 QT OLIVE M UCP MED UCP MC1 GREEN MC4 WDLD UCP UCP UCP UCP UCP UCP UCP MC3 BLACK UCP UCP UCP UCP UCP UCP UCP…

    • 1798 Words
    • 8 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Mat 540 Quiz

    • 4267 Words
    • 18 Pages

    D) Some of the line sales officers or the salespeople may be getting orders from more than one person.…

    • 4267 Words
    • 18 Pages
    Satisfactory Essays
  • Powerful Essays

    Dav Case

    • 2301 Words
    • 10 Pages

    * Mistakes done by associates in the confirmation notice leading to customer dissatisfaction and over an hour spent rectifying the problem…

    • 2301 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    Audit Report

    • 1271 Words
    • 6 Pages

    LCC has conducted an audit of Apollo Shoes, Inc. balance sheets, the retained earnings, cash flows, and other related statements of income for the year ended December 31, 2006/2007. Apollo Shoes Inc management is responsible for maintaining the effective internal controls that goes along with the financial statements and how well the accuracy is going to be. LLC has evaluated the effectiveness of the said controls and with everything to see the relevance in the timing, the substantive in quality, and the comprehensive in nature. The responsibility of our firm is to express an opinion that is supported by audit evidence in regards to the accuracy of the Apollo Shoes, Inc. financial statements.…

    • 1271 Words
    • 6 Pages
    Satisfactory Essays
  • Satisfactory Essays

    There should not have delay delivery rate more than 1% in normal situation. Evaluate of…

    • 717 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Pharmacy Services at Cvs

    • 1798 Words
    • 8 Pages

    Due to the following reasons, the customers couldn’t get what they were expecting while they found fulfillment process too long.…

    • 1798 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    The Morrison Company

    • 1011 Words
    • 5 Pages

    o In the last year the number of return orders increases from 1 to 3 %. The majority are not technical defects but incorrect contents of the packages…

    • 1011 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    correct the errors. As a result, additional paperwork for review may cause a delay in…

    • 9149 Words
    • 37 Pages
    Powerful Essays
  • Satisfactory Essays

    velocity cellular

    • 287 Words
    • 2 Pages

    c. If the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item or items is considered probable and substantially in the control of the vendor. This is not satisfied.…

    • 287 Words
    • 2 Pages
    Satisfactory Essays