The Operational Audit department provides an independent internal audit function for a plc, one of the UK’s leading five passenger transport groups, as well as providing ad-hoc reviews and fraud related investigations to other companies. Accordingly, we are well versed in corporate governance, audit committee presentation and corporate procedures.
We have considerable experience and extensive knowledge of the passenger transport industry including buses,trains ,taxis, car parking and airport passenger and goods handling as well as non-transport sectors. The objective of Operational Audit is to promote and support improvement and efficiency and not just to police the compliance of existing structures and processes.
The achievement of this objective involves:
- Reviewing and appraising the soundness, adequacy and application of accounting, financial and other controls (both existing and proposed) to promote effective and efficient internal control at reasonable cost.
- Ascertaining the level of compliance with established policies, plans and procedures.
- Assessing the reliability of management data produced within the company.
- Establishing the effectiveness with which the company’s assets are accounted for and safeguarded from losses of all kinds.
Our staff have considerable knowledge and experience in each area of the business including:
- Revenue control particularly on-bus revenues and electronic ticket machines
- Cash handling and Treasury management
- Balance sheet reviews
- Budgetary controls
- Accounts payable and receivable
- Fixed assets and capital expenditure
- Stocks and stores
- Payroll
- Fuel stewardship and records
- Engineering records
- Tyre mileage and leasing payments
- Compliance with Group policies and procedures
What is an Audit?
The internal audit process is something that most people are only aware of when undergoing an audit and the auditors are on site. This can give a limited picture of our whole cycle of work. Operational Audit is committed to providing a service that includes constructive involvement and communication between the client, their staff and us.
Most audits follow a fairly well-established pattern that consists of:
-Planning
-Fieldwork
-Reporting
-Follow-up
The Audit Team
Operational Audit is headed by Phil Lashford. Phil is a director of E P Morris & Company Ltd and is a Chartered Certified Accountant. Phil is supported by five qualified accountants and four part qualified staff. As a company we actively support all of our staff who seek to pursue a professional qualification, being ACCA approved employers.
Please contact Philip Lashford on 01527 556940 or epm@epmorris.co.uk to discuss your operational audit requirements.
Not Just an Audit
As well as providing a complete operational audit function, our staff provide operational audit and other technical support. In addition we publish Security Bulletins from time to time. These may refer to new frauds or where a re-occurrence of a fraud specific to the transport industry might again be revived. Alternatively, the discovery of changes made to operational practices where substantial savings could be made will also be included within a Security Bulletin.
A recent Security Bulletin can be viewed HERE.
All in all we offer - BEST PRACTICE IN TRANSPORT.
