Manufacturing Company - Operational Audit: Flowcharting, Process and Control Improvement, Cheltenham, England

Internal Audit
Written By Geof Pelaia

PB Advisors was asked to determine areas for process improvement and to strengthen financial controls at a low producing, financially struggling location in Cheltenham, England.

Operational Audit Requested By: Director of Internal Audit

Solution:

  • Defining the overall risks associated with several key financial areas including

    • Cash

    • Sales (Order to Cash)

    • Inventory and Cycle Counting

    • Fixed Assets

    • Accounts Payable (Procurement to Pay)

    • Accruals

    • Human Resources and Payroll

    • Financial Reporting

  • Meeting with key personnel to understand the specific control procedures in place to mitigate the defined risks

  • Using software to visually map out the procedures and key process controls

  • Coordinating with other locations to ensure accuracy, consistency and standardization of control procedures across divisions and locations

Results/Deliverables:

  • Detailed process flowcharts (visual maps) for each process noting specific control procedures and employee responsibilities

  • A detailed report offering recommendations for process improvements including efficiency, effectiveness and proper risk mitigation

  • Tests and conclusions related to the final procedures adopted to ensure proper operating efficiency and effectiveness

Location: Cheltenham, England - GL501

Please contact us today to discuss your Internal Audit: 
Patrick Brogan, President
CPA, CIA, CFE
PB Advisors
440.915.1180 

Geof Pelaia
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