Project Materials

IMPACT OF STOCK-TAKING IN AN ORGANIZATION

ABSTRACT

An independent activity within an organisation to ensure that the organization’s purchasing and financial rules are effectively applied, as well as the department’s stock-taking, account, financial, asset, and liability guidelines. It has greatly improved the organization’s administration. Nonetheless, there is progress in areas such as stock-taking decision making and maintaining the completeness and integrity of the organization’s book, as well as other operations that are fundamental to providing management service. The operation is carried out by specially designed personnel. The definition of organisation stock-taking in Nigeria is essential to this discussion. Based on the study of the preceding questions and interviews, it has been statistically established that there is a favourable association between being aware of the organization’s stock situation at all times and making better managerial decisions. It should therefore be identical that the primary responsibility for the impact of stock-taking in an organisation, with particular reference to Total Nigeria Limited, which deals with the introduction, statement of problems, research question, objectives of the study, significance of the study scope and limitations, etc.

Chapter one

Introduction

The goal of this is to examine the requirement to maintain a high standard of audit work. The purchasing may be held liable for negligence because the law requires one purchasing to exercise as much care, diligence, and skill as is reasonably necessary in a given situation.

If an organisation or person suffers loss or damage as a result of a purchasing’s failure to discharge the fiduciary duty imposed on him by law, they may be held liable for negligence, and an action for negligence may be filed against him in court.

To ensure that the quality of audit work remains good, he should build a system for sustaining jobs on his behalf. In this instance, purchasing and stock-taking practitioners face significant customer pressure to maintain or even cut their fee levels.

This may not be unconnected with the current economic condition in the country, which is hard on almost all business organisations, in most companies; unlike the case study of this project “on organisation” the stock-taking firms are made to perform both the purchasing and stock-taking functions for the same fee.”

In this study, we will look at the definition of audit management, the reasons for audit management, and the stages involved, such as audit planning, recording, and control.

The purchasing operational standard stipulates that the purchasing department must satisfy him with the quality of work and develop suitable control measures. The control approach will involve correct staff allocation based on aptitude, proper staff briefing, and review of tasks completed by others.

There are also improvements in areas like as asset decision making and ensuring that the organization’s finances are complete and accurate.

Even though it is not the purchasing’s responsibility to check, he should satisfy himself as to the validity of the amount attributed to the assets in the accounts that are the subject of the audit in order to determine the nature and extent of the audit’s steps necessary for its purposes.

It was discovered that the purchasing examined the system of organisation control in order to assess its effectiveness relative to the ascertainment and evaluation of stock.

1.1 Background of the Study

Stock taking can be traced back to the Ancient Egyptian civilisation, as seen by their ancient wall drawings. The benefits of early purchasing were also found in the writings of the Ancient Roman Empire. Stock taking originated when men bargained to enter into a contractual connection with one another.

This is because there was always a desire to establish the accuracy and reliability of the records and results of such relationships to the satisfaction of all parties to a contracted relationship would hire a neutral person to check the records of their transaction and report his findings to them.

This strategy is related with a social club, and numerous efforts have been made. certain of these efforts were too simplistic, excluding certain crucial information, while others were perplexing.

1.2 Statement of the Problems

Another issue observed in this central is the absence of organisational purchasing. Purchasing at the office owing to circumstances that forced them to leave the office due to multiple tours, their expectations of lectures were cut short.

Lecture two will deal extensively with problems about the history and nature of stock taking, as well as his expected tasks in an enterprise in which he acts as a purchasing agent.

Since our primary focus in these lectures is the statutory purchasing considerations connected to him are sufficiently addressed by the Companies and Allied considerations Decree (CAMA) in 1990, the following:

First appointment The first director of a new organisation may make the first appointment prior to the organization’s first Annual General Meeting (AGM). The shareholders have the option of ratifying or rejecting the appointment, as the power to appoint the purchasing agent resides with the shareholders.

However, if a shareholder plans to reject a purchase appointed by the directors, they must give the directors fourteen days’ notice.

Subsequently, the Annual General Meeting (AGM) of any organisation is appointed to hold offices beginning with the completion of the organization’s next meeting.