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Purchasing and Procurement Procedures For Value For Money Audit Report Process Procedures

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In simple words, the value-for-money audit objective is to ensure that economy, efficiency and effectiveness of all business operations are achieved in all areas including that of purchases whether done locally or internationally. The most important aspect of the VFM with respect to such purchases and procurements is to ensure that all of such transactions have been duly authorized and also, that all raw materials and items procured and received were properly utilized and accounted for as well. Thus, the auditor in questions must be very objective to observe and conform with certain standard audit verification procedures which can come before as well as after the purchases and procurements are made.

The PRE audit verification procedures to be taken by the auditor with full respect to the purchase and procurement of business items, materials and inputs includes the following duties:

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[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

• He must establish the need for the item to be purchased.

• He must establish the availability or otherwise of such materials in the store or warehouse.

• He must establish the quantity, quality and specification of the item needed from the memo raised from the user department.

• He must carry out a comprehensive price verification for each of the items concerned.

• He must confirm the prices as well as the arithmetical accuracy of the purchases requisition made.

• He must confirm the total value of the purchases requisition and must also be able to reconcile it with the "I Owe You" (IOU) document raised.

• He must advice the management of the business according on each of the above issues raised so as to enhance the decision-making process.

As a follow-up to the above, the auditor is also bound to carry out each and every one of the following POST audit verification procedures with regards to all purchases and procurement operations in a business organization:

• Sight and confirm that the items purchased are in agreement with the quantity, quality and specification contained in the Local Purchase order (LPO) or the Purchase requisition Order.

• Select all purchase invoices for e detailed checking exercise.

• Verify fully and sufficiently that each invoice is backed up and supported by a properly signed authority document.

• Verify that each invoice is backed up by a Goods Received Notes (GRN) which serves as an evidence of delivery and receipt.

• Re-compute the entries and details in the invoice and Goods Received Note (GRN).

• Check all the calculations properly and confirm all extensions and additions made.

• Endorse the retirement paper.

When the store receives a procurement order from a department with the authority to make such demands, they are bound to issue out the raw materials, spare parts as well as all other store items as may be required to the department concerned. But before the issuer or store keeper does so, he or she should clearly do the following in order to ensure transparency and accountability of all operations carried out:

• Confirm that the material issuance slip raised by the user department is duly endorsed, approved and authorized by the head of the department concerned.

• For spare parts and accessories, the store keepers should also request for the damaged parts alongside the memo raised for return of the damaged parts to the store before ever endorsing the Material Issuance Slip (MIS) that will prompt the replacement of the damaged ones.

• Confirm at periodic intervals that all items issued from the store to the subsidiaries are received by the subsidiaries at the appropriate times through their incoming material ledgers opened at each subsidiary on a routine basis.

• Prepare the raw material utilization analysis of all the raw materials issued to all subsidiaries at the end of every month. This will surely include a comprehensive and holistic analysis of all material inputs, processes and outputs.

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About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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