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Impact Of Stock-taking In An Organization
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CHAPTER ONE
1.0 INTRODUCTION
The purpose of this is to look at
the need to maintain high standard of audit work. The purchasing may be
held liable for negligence because the law requires one purchasing to
care, diligence and skill as is reasonably necessary in a particular
circumstances, where an organization of person suffers loss or damage as
a result of the failure of an purchasing to discharge the fiduciary
duty imposed on him by law they may be liable for negligence and an
action for negligence may be instituted against him in court of law. To
ensure that quality of audit work is still high, he should then
establish a means at maintaining the jobs on his behalf. In this case of
purchasing and stock-taking practitioners, these are faced with many
pressures form clients to maintain their fee levels or even reduce them.
This may not be unconnected with the present economic condition in the
country, which is hard on almost all business organization, in most
companies; unlike the case study of this project “on organization†the
stock-taking firms are made to perform both the purchasing and
stock-taking functions for the same feeâ€
In this study, we will
discuss the meaning of audit management reason for audit management, its
objectives and stage such as planning of audit, recording and control.
The purchasing operational standard states that, the purchasing should
satisfy him as to the quality of work established adequate control
procedures. The control procedure will include proper allocation of
staff of appropriate ability, proper briefing of staff and review of the
work done by others.
There are also improvement in areas like
decision making regarding the assets and ensuring the completeness and
accuracy of the organization’s books. Even though it is not the duty of
the purchasing to take check, he should satisfy himself as to the
validity of the amount attributed to the assets in the accounts which
are the subject of the audit in determine the nature and extent of the
audits steps necessary for its purposes, it was found that the
purchasing examined the system of organization control in order to
access its effectiveness relative to the ascertainment and evaluation of
stock.
1.1 BACKGROUND OF THIS STUDY
Stock taking has been traced
to the Ancient Egyptian Civilization as demonstrated in their Ancient
wall paintings. The utilities of the early purchasing were also
recovered in the writing of ancient Roman Empire.
Stock taking came
in to existence since men bargain to enter into contractual relationship
with one another. This is because there was always the desire to
establish the accuracy and reliability if the records and results of
such relationships to the satisfaction of all the parties to a
contracted relationship would engage a neutral person to check the
records of their transaction and real his findings to their learning.
This methods is associated social club etc, various effort have these
effort were too simple thereby excluding some essential information
while others ended up being confusing.
1.2 STATEMENT OF PROBLEMS
Another
problem encountered in this central on the absence of the organization
purchasing. Purchasing in the office due to some circumstances that led
outside office due numerous tours their expectation are lectures, cut
off. The extensively with issues relating to the history and nature of
stock taking, lectures two will discuss mater relating his expected
roles in an enterprise where he act as an purchasing. Since our major
concern in these lectures is the statutory purchasing matters relating
to him are adequately covered by the companies and Allied matters Decree
(CAMA) in 1990 is as follows:
First appointment the first director
of a New organization can make the first appointment before the first
Annual General Meeting (AGM) of the organization where the first
Directors made the appointment, the shareholder are at liberty to either
ratify the appointment or reject it as the power to appoint the
purchasing to resides with the shareholders. But where the shareholder
intends to reject a purchasing appointed by the directors, they must
given fourteen days noticed to the directors.
Subsequent appointment
by this, the purchasing of any organization are appointed are the Annual
General Meeting (AGM) to hold offices from the conclusion of the next
meeting of the organization.
A retiring purchasing shall be re-appointed to continue in officer without passing any resolution except:
He is disqualified from re-appointment of the Annual General Meeting (AGM)
A
resolution appointing another purchasing or dropping the retiring
purchasing has been properly passed. The organization has received
notice of his unwillingness to continue in office.
CHAPTER ONE -- [Total Page(s) 3]
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ABSRACT - [ Total Page(s): 1 ]An independent activity within an organization to review of purchasing and financial policies of the organization are fully implemented as well as malting policies and procedure guideline on stock-taking, account, financial, asset ands liabilities of the department.It has immensely helped in the management of the organization. Despite, there is also improvement in areas like decision making regarding the stock-taking and ensuring the completeness and accuracy of the organization book and other o ... Continue reading---
