| # | Audit Report | Observation # and name | Retargets | Executive approval from | Rationale | |
|---|---|---|---|---|---|---|
| 6 | *Your Quick Gateway (YQG) -Managing Inventory, Repairs and Maintenance | 205- Enhance purchasing policy and document inventory and asset management procedures | Original Due Date | June 30, 2019 | Director of Operations | Background: This finding arose as (i) key elements that were not present in YQG’s purchasing policy, (ii) other process/procedure elements that appear to be known but not formalized and (iii) requirements/ constraints on the personal use of YQG small tools were not formally defined.Management has indicated that the practice of permitting employees to borrow company tools for personal reasons has been discontinued.Management has indicated that a new CEO has resumed the role on January 13, 2020. Hence additional time is required to complete this action plan due to the restructuring of roles.Reason for delay:When testing the control resolution, Internal Audit did not detect evidence of such communication, or articulation in a policy, to substantiate this practice |
| Retarget Date | Dec 31, 2020 | |||||
| # of Retargets | 1 | |||||
| Days since Identification | 1 year 6 months | |||||
| Days past Original Due Date | 184 days | |||||
| Basis for viability of reforecasted date: Based on current circumstances, the Q4 retarget date is viable. | ||||||
| 7 | *Your Quick Gateway (YQG) -Managing Inventory, Repairs and Maintenance | 206- Review and document current inventory/asset management systems and processes | Original Due Date | March 31, 2019 | Director of Operations |
Background: This finding highlighted the issues around following three control elements: Asset inspection plans for vehicles and equipment do not have a defined plan/ schedule or triggers. Inventory monitoring/reconciliation controls are not formalized or evidenced. Central inventory listing is not maintained.
Management agreed to create an asset tracking system for significant supplies, equipment and small tool inventories for presentation to the YQG BoardManagement has indicated that a new CEO has resumed the role on January 13, 2020. Hence additional time is required to complete this action plan due to the restructuring of roles. |
| Retarget Date | Dec 31, 2020 | |||||
| # of Retargets | 1 | |||||
| Days since Identification | 1 year 6 months | |||||
| Days past Original Due Date | 275 days | |||||
| Reason for Delay:Pandemic has forced limited operational availability. | ||||||
| Basis for viability of reforecasted date: Based on current circumstances, the Q4 retarget date is viable. |