Good Example Of Kudler’s Audit Essay
Summary of Kudler’s Fine Foods Audit
Auditing is the idea of discovering the financial position of any company. It is a systematic approach of analyzing data, operations and performance of any company. Auditing identifies the areas that need improvements in the company. Audit has recognized some areas of Kudler’s fine foods to be improved and managed properly. The recommendations to the company’s top-level management include these elements to improve in order to make strategic decisions (Loughran, 2010).
Inventory check: Audit suggests that a physical check by supervisor or authorized person should be made on an inventory even if there is an automated system in practice. Inventory has an immense effect on the company profit and current asset; there should be a constant check on a daily basis on inventory (Loughran, 2010).
Accounts Receivable: An effective internal system of keeping all the account should be practiced. Different member of staff should be given different responsibilities to make sure that no one has the authority to make any difference in the accounts. An effective method of keeping the records should be implemented. Cash handling should be authorized to those who are direct and trustworthy to the company.
Accounts Payable: Accounts Payable provides the liability of any company. The records should be updated on quarterly or monthly basis according to the policy of the company; it makes an auditor easy to manage and compute the circulation of money.
Payroll: Payroll should be closely examined in order to avoid any errors in the system. There should be proper checking of the hours worked with the wages paid. This area needs the proper system in which the computer should be properly updated with the working hours of employees in order to avoid inaccuracy.
Audit has identified some areas of Kudler’ Fine Foods to improve in order to work effectively and efficiently in an open environment. Inventory, accounts receivable, accounts payable, and payroll are the main areas which need proper attention and a system with a better approach.
Loughran, M. (2010). Auditing For Dummies. Hoboken, New Jersey: John Wiley & Sons.
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