Description
Objective:
Participants will be will exposed to the best practice methods in purchasing, Supplies and Stores and Management, International procurement, Stock Accounts, fraud managements, stock taking/ documentation will be exhaustively discussed. Your staff member needs to benefit from this especially important workshop.
Content:
Fundamentals Of Supplies and Store Management
- Understanding the meaning of stock i.e. raw materials, work-in-progress and finished goods
- Identifying and justifying the need for stock.
- Stores locations and management i.e. Central stores, Autonomous stores and semi- autonomous stores, advantages, disadvantages, stores layout, cleanliness etc.
- Modern store keeping methods
- Stock requisitioning procedures
- The approval processes.
- Placing orders
- Screening suppliers for efficient performance i.e. performance bonds and implementation of terms
- The tendering process
- Issuing purchase orders: the do’s and don’ts
- Reviewing goods into stores- matching of LPOs, invoice, waybills, receipt vouchers, quality control, certificates etc.
- Identifying the cost of carrying too little or too much stock
- Maximum stock, minimum stock, reorders level; reorder quantity, economic order quality, etc.
- Documenting consumption patterns i.e. maximum consumption, minimum consumption, normal consumption, abnormal consumption, lead-time etc.
- The ‘Just-in-time’ concept
- Managing wastages: normal and abnormal wastages
- Stock insurance and security
- Types and causes of stock fraud
- Fraudulent shortage and supplies
- Internal control issues
- Fraud-free management of reformed and used spares
- Falsification of stores and supplies documents
- The internal audit functions
- Emerging trends and future challenges
- Stock Accounting System
- Various accounting packages and available stock accounting modules
- Periodic and continuous stock taking procedures and documentation
- Stock reconciliation methods procedures and documentation
- Identification and management of fast, slow moving and obsolete stock
- Identifying and exploring the international market
- International procurement” scope, planning and implications
- Understanding Nigerian Foreign exchange market including recent developments
- Shipping term and other uses including marine insurance
- Development in freight forwarding business in Nigeria including port reforms by the Federal Government
- Finance of International trade; bills for collection, letter of credit, bank guarantees and other payment modes i.e. open account, sight payment, non-recourse finance, factoring and forfeiting etc
- Fraud control in international procurement business.
- Treatment in bin cards, stock ledgers, control accounts trial balance and final accounts
- Requirements of International Accounting Standard No. 2
- Computerized stock accounting
- Internal control implications including stock frauds prevention and management
- Issuing stock; Methods, Authorization and Documentation
- FIFO, LIFO, NIFO, HIFO, simple average, periodic average, with the average, specific identification, standard cost, adjusted selling price etc.
- The concept of cost, net realization value and appraised value
- The provision of the public sector finical regulations
- The provision for the public services rules
- The implication of several government circulars
