Service

Supply Chain Audit

Supply Chain Audit

The reliable supply of orders is a significant element in the efficient and smooth functioning of the business. The objective of reliable supply is to achieve sustainable improvement and one of the best ways to achieve this is to carry out an audit of the supply chain. The audit should cover the supply chain holistically, from management to the shop floor and across the full breadth of supply services. The following five key areas can be used as a guide to ensure appropriate coverage:

Areas to be Covered by Kress Cooper

Strategy

– Kress Cooper chalked out a clear and consistent plan about the delivery of the services

Organization Structure

– Kress Cooper has a suitable organizational structure, with clear accountabilities and sufficient resources to complete the required work.

People, Culture and Skills

  • We have trained people who have excellent skills
  • Organizational Culture – Kress Cooper has the highly motivated team.

Supply Processes

– Kress Cooper in-depth look at the following:

  • Demand Management
  • Sourcing
  • Cataloguing
  • Purchasing
  • Inventory Management
  • Disposals
  • Vendor Management

Technology

We have appropriate tools, particularly software, that support personnel in the execution of the supply processes, along with appropriate training and support

The Outcomes

An effective supply chain audit by Kress Cooper will result in the following benefits:

  • Assessment of the performance as compared to the different areas of your business and, potentially, against benchmarks with other organizations of a similar size and nature
  • An agreed and prioritized action plan for improvement of supply chain, with timings, costs, and resource requirements
  • Reductions in procurement costs and MRO parts inventories along with improvements in stores productivity and service levels
  • Better contract management leading to better supplier performance

We have a professional duty to provide an unbiased and objective view. We are independent from the operations we evaluate and report to the highest level in an organisation: senior managers and governors. Typically this is the board of directors or the board of trustees, the accounting officer or the audit committee.

We have qualified, skilled and experienced people who can work in accordance with the code of ethics and the International Standards.

Kress Cooper evaluates the accuracy of controls at business unit levels and recommends improvement; evaluate links among those business units; verify physical assets and make sure they are protected; ensure compliance with established business procedures of the firm; and investigate internal fraud or behavior in violation of company policy.

Welcome to Kress Cooper, your premier provider of comprehensive financial solutions. As a respected regional firm, we are committed to delivering exceptional tax, audit, advisory, and accounting services to our esteemed clients. In addition to our wide range of offerings, we are delighted to introduce our specialized Investigative Audit Services.

At Kress Cooper, we understand that uncovering potential fraud, misconduct, or irregularities within an organization is of paramount importance. Our dedicated team of skilled professionals possesses extensive experience and expertise in conducting thorough investigative audits. We employ the latest methodologies and technological tools to help you identify and mitigate risks, safeguard your assets, and protect the integrity of your business.

Our Investigative Audit Services encompass a wide array of activities, including fraud detection, financial irregularities investigations, asset misappropriation inquiries, and compliance breach examinations. We work closely with your organization to gain a comprehensive understanding of your unique business environment, objectives, and concerns. By leveraging our expertise, we conduct independent and objective assessments to uncover any potential instances of fraud, misconduct, or non-compliance.

Using advanced forensic techniques, we meticulously examine financial records, transactions, and operational processes to detect anomalies or irregularities. Our team applies a systematic and meticulous approach to identify potential red flags, analyze patterns, and gather evidence. We provide detailed reports and recommendations to help you take appropriate actions, rectify deficiencies, and strengthen your internal controls.

Partnering with Kress Cooper for your investigative audit needs empowers you to protect your organization from financial losses, reputational damage, and legal repercussions. Our services assist you in uncovering and addressing fraudulent activities, ensuring adherence to regulatory requirements, and promoting a culture of integrity and transparency within your organization.

We understand that each investigation is unique, and we tailor our approach to meet your specific requirements. Our team maintains the highest standards of professionalism, confidentiality, and objectivity throughout the investigative process. Rest assured, your organization's interests will be safeguarded every step of the way.

At Kress Cooper, we are dedicated to building long-term relationships with our clients, based on trust, integrity, and expertise. Our Investigative Audit Services are designed to provide you with the insights and tools necessary to protect your organization from internal and external threats. Contact us today to learn more about how our investigative audit solutions can benefit your organization and provide you with peace of mind.

Welcome to Kress Cooper, your trusted partner for comprehensive financial solutions. As a leading regional firm, we take pride in delivering exceptional tax, audit, advisory, and accounting services to our esteemed clients. In addition to our wide range of offerings, we are pleased to introduce our specialized Statutory Audit Services.

At Kress Cooper, we understand the critical importance of statutory audits in ensuring the accuracy and reliability of financial information. Our dedicated team of highly skilled professionals possesses deep industry knowledge and expertise in conducting thorough and compliant statutory audits. We are committed to helping you meet your legal obligations while providing valuable insights to enhance your business operations.

At Kress Cooper, we understand the critical importance of statutory audits in ensuring the accuracy and reliability of financial information. Our dedicated team of highly skilled professionals possesses deep industry knowledge and expertise in conducting thorough and compliant statutory audits. We are committed to helping you meet your legal obligations while providing valuable insights to enhance your business operations.

Our Statutory Audit Services cover a broad spectrum of activities, including the examination of financial statements, verification of accounting records, and compliance with applicable laws and regulations. We work closely with your organization to gain a comprehensive understanding of your unique business environment, industry-specific challenges, and statutory requirements. By applying rigorous audit methodologies and employing cutting-edge technology, we deliver independent and objective assessments of your financial statements and internal control systems.

We pride ourselves on our attention to detail and our ability to identify potential risks, errors, or irregularities. Our team of auditors meticulously examines your financial records, transactions, and processes to ensure compliance with accounting standards and legislative frameworks. We provide you with comprehensive reports that highlight any areas of concern and offer practical recommendations to enhance your financial reporting and internal control mechanisms.

Partnering with Kress Cooper for your statutory audit needs brings numerous benefits to your organization. Our services go beyond mere compliance with legal requirements. We strive to add value to your business by identifying opportunities for process improvements, cost savings, and risk mitigation. Moreover, our expertise extends to providing sector-specific insights and guidance to help you navigate industry challenges and achieve your strategic objectives.

We understand that each organization is unique, and we tailor our approach to meet your specific needs and expectations. Our team maintains the highest standards of professionalism, confidentiality, and independence throughout the audit process. You can have confidence that your statutory audit will be conducted with the utmost integrity and with a focus on delivering accurate and reliable financial information.

We are performing VAT health checks / Tax audits to make sure VAT has been implemented properly and the entity is tax compliant. Our VAT audit includes the following:

Understanding VAT impact and key processes

  • Review the VAT impact assessment carried out by the client
  • Review the process of identifying the type of supply (standard rated, zero-rated, exempt, or out of the scope)
  • Review the process of identification of partial exemption component and its accounting treatment
  • Review the processes of identification of deemed supply

Master data verification

  • Review the master data of suppliers and customers with VAT registration
  • Review of accuracy of tax registration number with FTA verification

Output tax verification

  • Review the process of identifying entries that are out of the scope, zero-rated, exempt and standard-rated
  • Review the process of posting in the VAT ledger from the source documents
  • Review of process of classification of sales and output tax Emirates wise.

Input tax verification

  • Review the process to reconcile the count and the total value of transactions with input tax
  • Review the process to identify the blocked input tax expenses and their posting in the ledgers
  • Review the process of allocating input tax into taxable and exempt supplies.

Reverse charge mechanism validation

  • All import codes have been updated in the FTA portal which is linked with the custom portal
  • Reviewing the process to make sure RCM is being applied to concerned goods and services
  • Review of goods and services on which RCM is being applied.
  • Review of accounting entries posted in the system for RCM
  • Review of RCM liability booked in the system

Invoice and credit note check

  • Review of sales invoices issued to the customers and purchase invoices received by the vendors and checking its compliance as per Article 59 of the UAE VAT Regulations
  • Review of credit notes and checking its compliance as per Article 60 of the UAE VAT Regulations.

Compliance

  • Review of internal reports extracted from the system to prepare VAT Returns submitted for the last periods.
  • Review of VAT Calculations and VAT return
  • Review of compliance with FTA Laws

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