Recommendation: The Finance Officer at the Commission's European Regional Office should take action to ensure that invoices, undelivered orders, and payroll accounts are reviewed to identify any goods and services received and liabilities incurred before September 30 so amounts are properly accrued in accordance with closing instructions at year-end.
Recommendation: The Finance Officer at the Commission's European Regional Office should take action to complete the analysis of undelivered orders and make appropriate adjustments so the detail report of undelivered orders reconciles to and supports the general ledger balance.
Two examples are (1) the change in the amount of goods, services and benefits ordered but not yet received or provided (often termed "undelivered orders
") and (2) costs of equipment purchased during the year and capitalized on the balance sheet (and therefore not included as an expense in arriving at net cost of operations).
In other cases, transactions errors relating to, for example undelivered order balances are identified after 30 September; we need to ensure those corrections are made in the next fiscal year.
* Since undelivered order testing (only done in phase three) is the most time consuming, plan to assign one or two individuals at HQ to work with the IPA to complete
Awea has capacity to process orders of between NT$200 million and NT$250 million per month, compared to over NT$400 million in the beginning of this year, with NT$2 billion in undelivered orders
and expects to see growing shipments to China this year.
Recommendation: The Finance Officer at the Commission's ER office should research differences between the undelivered orders
report balance and the general ledger account balance and make necessary adjustments to agree totals.
This "equity" represents the $300 (also the amount of undelivered orders
) in goods and services that the agency expects to receive in later periods.
With undelivered orders
of NT$700 million, Kao Fong saw cumulative sales hit a historic high in the first half and has orders to fill production throughout the end of October.
These manufacturers currently have undelivered orders
of between NT$800 million and NT$3.2 billion, with the Fair Friend Group holding over NT$10 billion in undelivered orders
The company has undelivered orders
valued between NT$3.5 billion and NT$3.6 billion, believing shipments of machine tools will grow 20% year-on-year to reach NT$4.5 billion in 2011.