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Seminar paper from the year 2017 in the subject Business economics - Investment and Finance, grade: 90, Priyadarshini College of Engineering, Nagpur, language: English, abstract: According to the final report, the following are the most recommended areas of the audit and should really be considered first. Wrong entries, it was observed that due to the wrong entries of the employees that travelled, a lot of money was lost in the process and therefore if this gets experienced again then the company would be in a high risk of losing a lot of money. The accountant should be encouraged to use original documents when making the payments because it is at that point that truck was lost and a lot of money disappeared. In the event of outsourcing, the company should always ensure that they a contract of work between them and the involved company, so that the company can monitor and audit the project whenever they want. Lack of this would make the companies resources be embezzled in the process and also a lot of money might end up getting lost in the process. In the jail project there was no contract and therefore the audit process was not done meaning that the company could not have an idea how the funds were being used. The issue of employee's insecurities should be looked into immediately. The company might end up to be sued later maybe the employees who get into accidents, and this might lead to a lot of money been used for compensation. Also this hinders the employees from good performance of the work. The employees need a good and risk free area of work so that they may perform fully and be effective in production; this means better sales and more profits to the company. The purchase department created a great loss to the company. Their late submission of the required materials made the company experience a lot of expense in purchasing other products. They should make sure that they have done their submissions in time to a lot of expenses. These late submissions caused the sales of the company to also drop significantly making the company to experience a very high loss and also purchase the items at very high prices. The human resources should ensure that they have proper job advertising. The whole public will be aware of their vacancies. If many of them apply then the company would be able to get the best applicants, this is a good thing to the company. it leads to a greater professionalism and also the company would be able to perform better, but if they concentrate on the same ethnic group then even the less qualified might get the jobs they are not well at performing.
