Auditing Retail Stores

In-store audits provide the needed findings and recommendations so management will be able to address issues affecting store performance. If used properly, audits can provide the actionable information management needs to "course correct" and ultimately achieve desired results. However, the audit plan and execution of such plan determine the success of any audit.

At the end of 3 days of 3 hours per session, participants will learn to:

• Develop an adequate and effective engagement plan and
• Document the key outputs of engagement plans
• Ensure that right risks and controls are focused based on higher company objectives

Course Outline

A. Introduction: Overview of Retail Management

1. What is retail business all about?
2. What is/are the purpose of retailing?
3. What are Retail Strategies?
4. Knowing the Business Model of your Retail Business
5. Elements of Retail Store Operations

B. Engagement Planning Overview

1. Mandatory Guidance
2. The Planning Process
3. The Quality of the Engagement Plan

C. Developing the Preliminary Survey (PS)

1. Overview and Purpose of the PS
2. PS Steps/Process
3. Documenting the PS Results
4. Case will pertain to Retail Store Operations

D. Performing a Risk-Control Assessment (RCA)

1. Overview & Purpose of Risk and Control Assessment
2. RCA Steps/Process
3. Documenting the RCA Result
4. Determining the Audit Objective
5. Case continuation

E. Developing the Engagement Work Program (EWP)

1. Overview and Purpose of EWP
2. EWP Steps & Criteria
3. Documenting the EWP
4. Case Continuation

F. Summary and Conclusion

Time:8:30 - 12noon