Audit Plan

• Understanding Procedures: A thorough understanding of the procedures for the processes to be audited.

• Scope Definition:  need to define the scope, objectives, methodology, and timeline for the audit.

Physical and Logical Audits

• Familiarity with Devices: Must be familiar with all devices and physically inspect assets byself.

• Inventory Reconciliation:  Need to cross-reference the physical inventory with records in the asset management system.

• Procurement Verification: The audit includes checking procurement, payment, and approval decisions, as well as procurement terms and agreements.

Reconciling Inventory Records

• Post-Purchase Verification: After a purchase, check records related to asset management, purchase history, distribution (both current and future), decommissioned items, damage confirmation and component replacement. Also need to verify the accuracy of repair times for incoming machines and the proper handling and communication for surplus returns.

• Unbiased Auditing: Audit must be unbiased and independent to identify discrepancies and ensure accuracy.

Verifying Location and Asset Information

• Key Information Check: Auditors must verify that key information such as serial numbers, machine IDs, invoice numbers, warehouse locations, physical counts, and user informations correct and up-to-date.

• Status Confirmation:  confirm the status of the device (e.g., in use, spare, or damaged).

SOP Compliance Check

• Process Adherence: Auditors check for adherence to SOPs for every process, including ordering, distribution, repair, maintenance, returns, storage, and disposal through auction and revenue collection.
• Overall Compliance: The audit includes ensuring the organization's asset management practices comply with data security standards and financial regulations.

Risk Management

• Documenting Technical Vulnerabilities: You must document confirmation of technical weaknesses.

• Obsolete Technology: The audit should record changes made due to outdated technology.

• Software Usage and Record-Keeping: To check the utility, security, and productivity of software in use and ensure comprehensive records are maintained.

Reporting and Recommendations

• Detailed Reporting: Auditors must create detailed reports documenting their findings, including discrepancies, compliance issues, and weaknesses.

• Actionable Recommendations: Beyond just finding faults, you must provide opinions, insights, and practical recommendations for corrective action. This includes suggestions for improving inventory processes, enhancing security measures, and updating policies

Continuous Improvement

• Monitoring Implementation: After an audit, auditors must follow up to ensure management has implemented the recommended changes and that identified issues have been resolved.

• Guidance and Training: Must be provide educational support to inventory staff and other employees on proper asset management procedures and the importance of policy adherence

• Bachelor’s degree in business administration, finance, or relevant field.

• Minimum 7 years in related fields.

• Previous working experience as an inventory management for 7 years.

• Solid knowledge of data analysis, inventory management software, and forecasting techniques.

• Related experience in logistics or supply management.

• Critical-thinking skills to establish action plans and routinely assess their effectiveness.

• Outstanding organizational and problem-solving skills.

• Excellent communication and leadership abilities.

• Good time management skills