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Retail Audit

A retail audit is an evaluation tool that systematically examines and evaluates all aspects of a retail firm's operations or specific parts. It has three main purposes: to appraise current performance against objectives, review goals, and make recommendations. A good audit is conducted regularly, involves in-depth analysis, maintains an unbiased perspective, and provides appropriate recommendations. Undertaking an audit involves six steps - determining who will conduct it, when and how often, which areas to audit, what forms to use, conducting the audit, and reporting findings to management. The audit can be done internally, by a department manager, or externally by an outside auditor.

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248 views11 pages

Retail Audit

A retail audit is an evaluation tool that systematically examines and evaluates all aspects of a retail firm's operations or specific parts. It has three main purposes: to appraise current performance against objectives, review goals, and make recommendations. A good audit is conducted regularly, involves in-depth analysis, maintains an unbiased perspective, and provides appropriate recommendations. Undertaking an audit involves six steps - determining who will conduct it, when and how often, which areas to audit, what forms to use, conducting the audit, and reporting findings to management. The audit can be done internally, by a department manager, or externally by an outside auditor.

Uploaded by

subbugss
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Retail Audit

is a evaluation tool, which systematically examines and evaluates the firms total retailing effort or a specific aspect of it.

Purpose

Current performance ( objectives, implementations, and organization) Appraise performance: ( review goals) Make recommendations :

Elements of good audit


Conducted regularly In-depth analysis Unbiased perspective Appropriate recommendations

Undertaking an audit

Six steps Who does it? When and how often its done? Which areas to be audited? What audit forms will be used? Conducting the audit. Report to management

Who does it?


Company audit specialist Company department manager Outside auditor

When and how often its done?


End of calendar year End of fiscal year When stock verification is conducted

Which areas to be audited?


Horizontal Vertical

Horizontal Financial analysis Operations analysis Strategy analysis Customer satisfaction Merchandise management

Vertical analysis

Financials Inventory turnover Asset utilization

Profit/ loss

Forms

Conducting the audit.


How long the audit will take place? Disguised or open audit?

Difficulties in conducting audit


Costly Time consuming Performance measures may be inaccurate Employees may not co-operate Incorrect data collection Management may not be responsive to the findings.

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