Prelimnary internal audit doubts...urgent sir!!!

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Rajesh (Querist)
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04 January 2012 Dear Experts,
This query i have posted yesterday itself but still remained unanswered thats why i have again posted today so that being the new one some experts might see it and answer me. I know these are all fundamental stuff plsssssssss share ur knowledge with the amaeteur like us and so that we 2 are ignited. Pls. give the explanation elaboarately so that the meanest intelligent person can understand it.

My doubts on internal audit for a manufacturing company regarding purchases.

1) What are the internal checks should i verify to conduct an internal audit as far as purchase is concerned w.r.t manufacturing company is concerned.

2) What are the registers that has to be maintained and how it has to be checked to know whether proper controls are there?

3) What are the controls are there for purchases are concerned?

4) Should anything be affixed in the purchase invoice and whether is shd be serially numbered?

5) Please explain me stage by stage how purchase activities in a manufacturing company is carried out right from receiving quotation to issuing goods to production.

Because my boss gave just a glimpse or a vague prcedures to be followed, thats why asking from the experts here so that i can do my job satisfactorily.

Pls. excuse for the time taken and asking too detailedly.

Thanks & Regards,
Rajesh.

Maninder Jain

Maninder Jain (Expert)
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05 January 2012 Dear Rajesh,

I cannot give you sanjivanee booty readymade but help you how to find one.

The Institute has published a number of books on Guidance note Internal audit about various types of companies like banking, Finance & manufacturing companies etc.

You can see a list of publication on Institute website.
Morever if you have some friends who are working in some good CA firm these firms have got their own Internal audit checklist. You can also see this

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