Cement Internal Audit Report.pdf - INTERNAL AUDIT CEMENT...

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INTERNAL AUDIT CEMENT INDUSTRY BY CMA N.S.V.KRISHNA RAO, PRACTICING COST ACCOUNTANT 1
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I NTERNAL AUDIT – IN - CEMENT INDUSTRY ring4 Internal audit function has vast scope in Cement industry being in manufacturing sector and plays key role in keeping the wheels, always on. The very reason for saying this on continuous basis is the constant review of built in ‘internal controls’ in the Organization needs a patrol, just like manufacturing wheel, otherwise endanger of risk (fraud) haunts, due to diversified activities in the process. 2
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I NTERNAL AUDIT – IN - CEMENT INDUSTRY (Contd…) ring4 Internal audit function has vast scope in Cement industry being in manufacturing sector and plays key role in keeping the wheels, always on. The very reason for saying this on continuous basis is the constant review of built in ‘internal controls’ in the Organization needs a patrol, just like manufacturing wheel, otherwise endanger of risk (fraud) haunts, due to diversified activities in the process. ring4 Internal audit in overall Cement Industry may be a topic to discuss in one or below two hours, but its conducting may take few weeks as the scope and depth is such to give a true value added Report to a Company. 3
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I NTERNAL AUDIT – IN - CEMENT INDUSTRY (Contd…) ring4 However before taking up the audit assignment let us have the fundamentals and basic knowledge about Cement manufacturing, its process, elements of Costs etc.. FEW FACTS ABOUT CEMENT 1. TYPES OF CEMENT- xrhombus OPC-ORDINARY PORTLAND CEMENT xrhombus PPC-PORTLAND POZZLANA CEMENT xrhombus SLAG CEMENT etc WITH DIFFERENT GRADES LIKE 33, 43,53 4
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I NTERNAL AUDIT – IN - CEMENT INDUSTRY (Contd…) 2) First Cement produced by Romans and Greeks with ash mix and lime 3) Portland cement developed by England in early 18 century 4) Cement Industry plays a vital role in Indian Economy’s and GDP growth, directly and indirectly through infrastructure, manufacturing and every other connected industry. 5) Try to name an industry/service where presence/role of CEMENT is NIL? 5
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I NTERNAL AUDIT – IN - CEMENT INDUSTRY (Contd…) ring4 Just by name or Caption “INTERNAL AUDIT-IN- CEMENT INDUSTRY”, let us not jump to a conclusion that it is a routine Internal audit of few pages Report, which may find its destination in to a colored flat or other file or to a Bin. ring4 The very reason is Internal Audit Reports are IN MANY by name like(illustrative but not exhaust) 6
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INTERNAL AUDIT-IN-CEMENT INDUSTRY (Contd…) checkbld Internal Audit report-General coverage checkbld Production Operations-Control audit checkbld Compliance Audit checkbld Process efficiency audit checkbld Marketing audit checkbld Commercial audit checkbld Compliance/ task based audit checkbld Energy audit checkbld Proprietary audit checkbld Balance sheet audit checkbld System Audit checkbld Social audit etc 7
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INTERNAL AUDIT-IN-CEMENT INDUSTRY (Contd…) ring4 Whatever may be the name of Internal audit each audit task have its own scope, coverage, limits and ultimately object in its Delivery.
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