AUDIT PROCEDURES FOR VERIFICATION OF J.Vs

ABC GROUP OF COMPANIES

AUDIT PROCEDURES FOR VERIFICATION OF J.Vs

v      PURCHASES ( Trims and Accessories, Packing Material etc.):	VERIFICATION PROCEDURES:
Supplier Invoices/Bills should be compared /verified with other supporting documents.  Supporting Documents:	General Criteria: ·         Authorization ·         Casting and dates ·         Supports
·         Purchase Orders	·         Authorized by Procurement Manager. ·         Approved by M.D ·         Invoice/Bill rate should not be exceeded then the P.O rates ·         As well as the Total amount should not be exceeded the P.O amount
·         Invoice/Bill	·         Compare the Bill QTY with D.Cs and GRNs as well as with the P.O ·         Compare the Rates with P.O rates ·         Total amount should not be exceeded the P.O amount (in case of thread 3% of the Total P.O amount can be accepted)
·         Delivery Challans	·         Receiving by stores department ·         P.O reference
·         Goods Receiving Notes ·         ERP Gate Receiving	·         Should be authorized ·         Should be prepared timely ·         Should include proper P.O #

v      IMPORT (Clearing & forwarding):	VERIFICATION PROCEDURES:
Bills of Imports (Clearing & Forwarding) (Eg. Asif Agencies) should be authorized by Export and Import Manager and the supporting documents should be verified (Compare the details of Supporting Documents with the Bill/Invoice).  Supporting Documents:	General Criteria: ·         Authorization (Import Manager) ·         Casting and dates ·         Supports
·         Goods Declaration	·         Invoice # and other details ·         Marks/Container #
·         Import Invoices	·         Compare Quantity of Goods and Amount with the Good Declaration
·         Import Gate passes	·         Compare dates and time vehicle & container # with the Bills
·         ERP Gate Receiving (if received at Zone)	·         Compare the details with the Import invoices, G.D, Gate pass, etc.
·         Cartage Bills (if any)	·         Verify the D.Cs and receiving of the goods and compare the Bill details with the Import gate passes, etc.

v      EXPORT (Clearing & forwarding):	VERIFICATION PROCEDURES:
Bills Export (Clearing & Forwarding) (eg. Asif Agencies) must be approved by Export Manager and the supporting documents should be verified (Compare the details of Supporting Documents with the Bill/Invoice).  Supporting Documents:	General Criteria: ·         Authorization (Export Manager) ·         Casting and dates ·         Supports
·         Goods Declaration	·         Invoice # and other details ·         Machine # / Shipping Bill #
·         Export Gate pass (KEPZ)	·         Invoice # and other details ·         Machine # / Shipping Bill # ·         Date & time ·         Vehicle # and Container #
·         ERP Gate Outgoing	·         Compare the details with the Export invoices, G.D, Gate pass, etc.
·         Wharfafe (Port Trust) Fees	·         Shipping Bill # ·         Quantity of Goods
·         Export sales Invoice	·         Invoice # and other details
·         Short Shipment Notes (if any.)	·         Quantity shipped
·         Cartage Bills (if any.)	·         Verify vehicle # and Container # with Export gate pass.

v      CARTAGE FOR EXPORT:	VERIFICATION PROCEDURES:
Export cartage Bills should be authorized by Export manager and proper reference to export invoice should be included on the Bills and should be verified from the supporting documents.  Supporting Documents:	General Criteria: ·         Authorization (Export  Manager) ·         Casting and dates ·         Supports
·         Loading Challans	·         Compare vehicle #, date and time on the Loading challan with the cartage Bill ·         Vehicle # ·         Dates and time
·         Export Gate Passes	Compare the following information with the Bill/Invoice: ·         Invoice # and other details ·         Machine # / Shipping Bill # ·         Date & time ·         Vehicle # and Container #
·         Export Invoice	·         Compare the details

v      IMPORT CARTAGE:	VERIFICATION PROCEDURES:
Import cartage Bills should be authorized by Import manager and proper reference to Import invoice should be included on the Bills and should be verified from the supporting documents.  Supporting Documents:	General Criteria: ·         Authorization (Import Manager) ·         Casting and dates ·         Supports
·         Import Gate Passes	Compare the following information with the Bill/Invoice: ·         Invoice # and other details ·         Machine # / Shipping Bill # ·         Date & time ·         Vehicle # and Container #
·         Delivery Challan	·         Receiving and P.O references, etc.
·         Import Invoices	·         Compare Invoice details with the Bill (Quantity, dates, etc.)

v      C.M.T/E.P.D CHARGES:	VERIFICATION PROCEDURES:
C.M.T Bills should be authorized by the relevant signatories and supporting documents should be attached with the Bills. Supporting Documents:	General Criteria: ·         Authorization ( G.M,  CMT Co-coordinator,) ·         Casting and dates ·         Supports
·         Work Order/EPD Rate sheet	·         Should be approved by M.D / G.M factory ·         Stitching Rates, Over Head rates, and rate of additional work should be verified with the Bill/Invoice and ·         Style and order details
·         Goods Receiving Notes (GRNs) ·	·         Verify the Quantity, Style, Work performed etc. ·         Dates and time ·         Authorization
·         ERP Gate Receiving	·         Verify the Quantity and description of garments etc.
·         Delivery challans and Gate passes	·         Verify the Quantity from D.Cs and Gate passes and check the CMT personnel receiving and inspections comments (if any.)
·         Cutting Sheets (prepared by Internal Cutting dept.)	·         Verify the Quantity sent to CMT Contractor with received Quantity and inquire the discrepancies (if any)

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