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Internal Audit Solution For Petroleum And Energy Sector

The practice of Internal Audit has undergone significant changes, globally. Internal auditors are now considered business consultants who guide the management in taking the decisions. With ACL, departments can start getting returns with least of efforts and investment of bare minimum time.
Following is the suggestive audit checklist on ACL Software:
Purchases and Payables Inventories Employee Costs
Employee Related Liabilities Fixed Assests Revenues and Receivables
Cash Other Assests Other Liabilities
Purchases and Payables
Purchases of Goods and Services
  • Produce reports of large purchases of goods and services for each month.
  • Compare purchase orders to accounts payable data.
  • Review purchase orders by specific buyers.
  • Identify purchasing policy violations, departmental spending patterns, and rate of expense reimbursements to employees and possible duplicate payments.
  • Identify purchases made in excess of contractual requirements.
  • Identify orders, which were not cancelled when the requirements of the contract were cancelled.
  • Classify orders that are late by various criteria.
  • Compare data on separate files to identify goods received but not invoiced, goods invoiced but not received or discrepancies between purchase orders, receiving documents and supplier invoices.
  • Produce reports of new suppliers.
  • Produce reports of entries from unusual sources.
Payments for Goods and Services
  • Produce reports of large, unusual and duplicate payments.
  • Produce reports of the volume and amount of payments per period.
  • Test accumulation of cash disbursements.
Accounts Payable
  • Ageing of payable balances.
  • Produce reports of debit balances.
  • Produce reports of large or old suspense items.
  • Produce reports of unusual purchase prices or large purchase variances.
  • Produce reports of balances with no scheduled payment date.
  • Produce reports of new suppliers.
  • Produce reports of entries from unusual sources.
  • Search for unrecorded liabilities.
 
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