While global economic conditions greatly impact the manufacturing sector, successful companies have linked expectations of top-line revenue growth with the need to maintain tight controls on spending—finding creative ways to do more with less. And with expanding regulatory requirements, manufacturing organisations must comply with increasingly stringent financial reporting and governance standards.
The manufacturing sector is particularly concerned with ensuring that supply chain and inventory control management are efficient, cost-effective, and support the delivery of quality and value to customers. With complex supplier relationships, there is a critical need for effective, ongoing monitoring and improvements to pricing, delivery and payment processes.
Similarly, management of inventory levels, verification of shipments received and transferred to manufacturing facilities, and accurate calculation and payment of payroll and related workforce expenses demand an equivalent rigor to ensure transactions are independently verified against key control points within these business functions.
“Our audits have become much more value-added, because we can find and repair small issues that have major significance for our business units.”
Nicholas Melfi, Audit Manager, Textron Inc.
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