Posted in Accounting 30+ days ago.
Type: Full-Time
Location: Tampa, Florida
Inventory and Operations Auditor
JOB SUMMARY:Make scheduled and unscheduled inventory and audit visits to branches for the purpose of validating the enforcement of proper procedures and controls and confirmation of the propriety of inventory balances. Trip reports and “reports cards” will be completed and maintained for each branch visit.
In addition, the job requires the monitoring of daily inventory variances, margins on sales tickets, inventory adjustments, and branch cycle count completion. ESSENTIAL FUNCTIONS:
A. Scheduling and conducting Operations/Inventory Audits
The procedures conducted and controls tested will include but not be limited to:
• A series of test counts on high dollar value, fast moving products as well as items with unexplainable gains or losses being recorded.• Account for all used and unused pre-numbered hand tickets. Verify that unused hand tickets are maintained under lock and key at all times and that proper procedures regarding the usage of hand tickets are understood.• Verify the security of each branch’s manual checkbook. Checkbooks are to be locked up at all times when not in use.• Validate that all cash drawers are balanced and verified as accurate on a daily basis. This includes validation and confirmation of cash sales not yet deposited.• Match cash and checks against each daily cash box journal. Cash equals cash, checks equal checks. This review includes a sampling of cash box journals from the previous 90 days.• Verify bank deposits are being made on a timely basis and that excessive cash is not kept overnight at the branch or taken home as additional “security”. If substantial cash is collected (over $500), it must be deposited as a second deposit at the local bank through a teller or night depository.• Verify that adjustments to inventory are being approved on a daily basis by the branch manager.• Confirm that damaged material write offs include pictures and are properly approved by the BSC purchasing department and regional manager.• Verify Vice President approval of all adjustments involving inventory used for warehouse operations (e.g., gloves, stretch wrap, and plywood) over $400.00 in a given month. Confirm communication of adjustment to inventory auditor for expense reclassification.• Select a test sample of cancelled invoices and purchase orders to ensure propriety of cancellation. (This is accomplished by “drilling down” into the change log and reviewing any changes made to the original document and explanation given for the cancellation).• Verify proper branch reconciliation of petty cash fund and verify as balanced with General Ledger.• Review presence of manual check register and validate that all check numbers are accounted for. A review of unused checks should be performed to verify no checks are missing, particularly from the back of the checkbook.• Review cash sales A/R account for current balance and report in the auditor’s report. Excessive balances or “strange” transaction flows should be reported to the Director of Financial Services.• Generate and review Unpaid COD Report to identify any delinquent or un-posted cash sales.• Review a sampling of cycle count ‘count sheets’ to ensure the accuracy of variances booked.• Review the proper use of the manager inventory product codes.• Review obsolete/damaged adjustments for unauthorized entries.• Review change order log reports, particularly watching for deleted items, quantity changes and changes to cash payments received.The written final report on each audit is issued to the branch manager, respective Vice President of Operations, and others at the BSC including the CEO, President, and CFO. Quarterly branch follow-up is performed by the Vice President to ensure corrective actions, as necessary, are being taken by the branch.
B. Make scheduled inventory branch visits to primarily conduct either a full inventory or 90% inventory. During the fourth quarter of each year, scheduled full inventory visits are the priority to ensure the propriety of year-end inventory balances. In addition to the inventory process, procedures and controls as detailed in A. above will be performed as time permits.
C. Generally, monitor business operations at all branches to determine “candidates” for unscheduled branch visits as detailed in “A” above.
D. Monitor, as time permits, unpaid COD tickets and cash sale accounts for non-payment and/or open status.
E. Review and reclassify inventory adjustments made for warehouse usage, truck repairs, building repairs, maintenance, etc.
F. Review all branch inventory valuation reports for negative quantities on hand and zero cost items. Analyze and correct or contact branch manager for corrections.
G. Review branch non-stock inventory items. Non-stocks should only be tagged or special order items. (Any item(s) in delete status will also be considered non-stock until sold out.)
H. Maintain monthly spreadsheet capturing inventory adjustment/variance expense as a percent to warehouse sales by branch and by region.
Alvarez & Marsal Private Equity Performance Improvement Group, LLC
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Alvarez & Marsal Private Equity Performance Improvement Group, LLC
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Pennoni
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