slidesmania.

com

Auditing Logistics
and Transportation
Industry
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Table of contents
Objectives Nature and
01 02 Overview
03 Background

Top Updates on the

Transportation logistics and Regulations
04 and Logistics
Company
05 Transportation
industry in the 06 and Regulators
Philippines

Audit Independent
07 Considerations 08 Auditor’s Report
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Module Objectives
● Know the nature and background of the
particular specialized industry;
● Learn the overview, statistics, and
updates of the specialized industry in the
Philippine setting;
● Identify the different audit considerations
and trends for the industry.
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Overview
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OVERVIEW
Transportation is defined as the movement of
people, animals, and goods from one location to
another. These modes of transport may include air,
rail, road, sea, cable, pipeline and space. This field
is divided into infrastructure, vehicles, and
operations. Transport is crucial as it enables trade
and communication between one another, which
ultimately establishes civilizations.
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OVERVIEW
The logistics industry can be defined as the
science of obtaining, producing, and distributing
material and products to the correct place and in
the correct quantities. In a military sense, where it
has a greater use, its meaning also includes the
movement of personnel.
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OVERVIEW
Logistics includes the process of planning,
implementing, and controlling procedures for the
efficient and effective transportation and storage of
goods. This includes services and related
information from the point of source to the point of
consumption for the purpose of fulfilling and
conforming to customer requirements.
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Nature and
Background of the
Industry
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Transportation vs. Logistics

Logistics covers a
Transportation is a Logistics requires
much broader scope of
function within the planning, whilst
activities that facilitate
logistics industry
the management of transportation is
operations. It is focused
product movement the mode to execute
purely on the definition
within the supply chain.
and deployment of the planning when
transportation modes, freighting goods from
such as sea, road and point A to B.
air.
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LOGISTICS VS SUPPLY CHAIN

Logistics focuses on the The supply chain refers to

physical movement of the entire value chain from
goods within the supply the suppliers to the end
chain, managing activities customer, including sales
such as transportation services and reverse
and storage. logistics.
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TRANSPORTATION
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Types of Transportation are as

follows:

● Road Transportation

● Water Transportation

● Rail Transportation

● Air Transportation

● Intermodal Transportation
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Road
Transportation
Road transportation involves the use of
vehicles such as cars, trucks, and
motorcycles on paved or unpaved
roadways. It is one of the most
common and accessible modes of
transportation, offering flexibility and
convenience for short to medium-
distance travel. Road networks are
crucial for urban mobility, enabling
commuting, trade, and the transport of
goods to reach their destinations
efficiently.
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Water Transportation
Water transportation involves the
movement of goods and people using
boats, ships, and vessels on rivers,
lakes, and oceans. It is a cost-effective
mode of transport for bulky goods,
such as containers and commodities.
Waterways serve as trade routes,
connecting countries and facilitating
international trade. Additionally, water-
based travel, such as cruises and
ferries, offers leisure and tourism
opportunities.
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Rail Transportation
Rail transportation relies on trains and
tracks to transport people and goods
over long distances. It offers an
efficient and sustainable option for
mass transit and freight transport. Rail
systems can accommodate large
volumes of cargo, making them ideal
for transporting heavy goods, such as
raw materials and commodities.
Additionally, passenger trains provide
a comfortable and reliable mode of
long-distance travel.
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Air Transportation
Air transportation utilizes aircraft to
transport people and goods across
domestic and international
destinations. It is known for its speed
and efficiency, connecting distant
locations in a matter of hours. Airports
serve as hubs for travel, enabling
seamless connections and supporting
industries such as tourism, business,
and trade. Air cargo is essential for
transporting time-sensitive goods and
perishable items across the globe.
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Intermodal Transportation
Intermodal transportation is the
transportation of freight using a
combination of different transportation
modes such as land, air or ocean. A
combination of transportation modes
often provides optimal logistics and
delivery solutions. Benefits of utilizing
intermodal transportation include a
reduction in costs, a more sustainable
mode of transportation, a reduction in
risk of losing a shipment, the ability to
scale operations, and a more efficient,
cost-saving way to ship.
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LOGISTICS
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Logistics

When it comes to the logistics industry, logistics

executives must make further decisions beyond the mode
of transportation to include: Packaging, Containerization,
Documentation, Insurance, Storage, Importing and
Exporting Regulations, Freight Damage Claims, Working
and collaborating with other executives within the supply
chain, Managing vendors and partners, and Responsible
for risk mitigation
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Logistics

Three main directions correspond with the three logistical

processes which we are going to focus on today. These
are inbound logistics, outbound logistics, and reverse
logistics. The information about these three supply chain
directions is essential to know, especially to people
inclined in the logistics industry.
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Three Logistical Processes

Outbound Reverse Logistics

Inbound Logistics
Logistics pertains means that products’
refers to the
to the flow of goods movement from the
movement of goods
between companies end-user/consumer
between businesses
and the end- back to the
and their suppliers
user/consumer. manufacturer or
reverse supply chain.
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Logistics Structure
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Logistics

The expansion of the global marketplace puts the concept

of global logistics into the limelight. Logistics experts must
now manage all of the aforementioned logistics activities
within a worldwide arena spanning a multitude of
countries, languages, cultures, governments, and
regulations. Along with this expansion of the marketplace
comes the need for global channel intermediaries.
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Logistics
Today's global logistics manager would be familiar with the
role of each of the following:

1. Foreign freight forwarders- handlers of a myriad of

foreign freight services: rate quotes, vessel chartering,
booking of vessel space, handling of documentation
and cargo insurance, tracing and expediting, arranging
inland transportation, and providing translation
services.
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Logistics

2. Export management companies- suppliers of

expertise to those wishing to sell products overseas but
lacking the necessary resources.

3. Export trading companies- locaters of overseas

buyers. They also handle export documentation,
transportation, and the meeting of foreign government
requirements.
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Logistics

4. Customs house brokers- overseers of the movement

of goods through customs. They also ensure that
accompanying documents are complete and accurate.

5. Ship brokers- sales representatives for ship owners

and purchasing representatives for the shipper.
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Logistics

6. Ship agents- local representative of the ship operator

that handles the ship's arrival, berthing, clearance,
loading and unloading.

7. Export packers- suppliers of export packaging

services.

8. Port authorities- owner and operator of the port. They

provide wharf, dock, and other terminal facilities at port
locations.
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Top
Transportation
and Logistics
Company
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Top Logistics
Companies in
the Philippines
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AAI Worldwide Logistics is a premier independent freight

forwarder in the Philippines, renowned for providing world-
class total logistics solutions. With expertise spanning air
freight, ocean freight, trucking, distribution, and warehousing,
they serve a wide range of customers, meeting their needs
both locally and internationally.

Kaingin Road, Multinational Drive, Paranaque City

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Airspeed, a renowned logistics

company in the Philippines, trusted
since 1985. Airspeed offers air cargo
and ground handling services. With
expertise in freight forwarding,
customs clearance, warehousing,
and trucking, they also provide door-
to-door delivery services.

GGB Building, Pascor Drive

Parañaque City, Metro Manila
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DHL Express, the world’s leading international express service

provider, has been recognized as Philippines Top Employer 2022
for the eighth consecutive year. The accolade was recognized in
nine Asia Pacific countries including Hong Kong, India, Indonesia,
Japan, Malaysia, New Zealand, Pakistan, Philippines, and Vietnam.
DHL Express has specialists in parcel delivery, aircraft
maintenance, network planning, finance, and more in more than 220
countries and territories worldwide

DHL House, 2306 Chino Roces Avenue, Makati City 1200 Metro Manila
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CEVA Logistics sets itself apart as

the world’s foremost supply chain
management organization,
guaranteeing unrivaled assurance. As
a dedicated freight company, they
excel in designing and implementing
cutting-edge freight management
services that lead the industry.
Pascor Drive Corner Johann Stree
Bo. Ibayo Sto. Nino, Paranaque
City
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Top Logistics is a well-

established international logistics
company that places a strong
emphasis on providing 100%
customer satisfaction while
addressing the expanding
logistics needs in different
Pascor Drive Corner Johann Street,
industries.
Bo. Ibayo Sto. Nino, Paranaque
City
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Transportify is the leading logistics

company in the Philippines for same
day delivery service with on-demand
truck rental, same day logistics, and
Luzon wide coverage

23rd Floor, Tycoon Center Bldg,

Pearl Dr, Ortigas Center, Pasig City
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Logistics and Transportation Industry as a Specialized

Industry

• Complexity of Operations
• Regulatory Compliance
• Specific Risks
• Technology Integration
• Financial Analysis
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Updates on the
logistics and
Transportation
industry in the
Philippines
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As of my last update in January 2022, the transportation and

logistics industry in the Philippines continues to undergo developments
and face challenges.
Infrastructure Projects: The Philippine government has ongoing
infrastructure projects aimed at improving transportation networks,
including roads, bridges, ports, and airports. These projects, such as
the “Build, Build, Build” program, aim to enhance logistics efficiency
and connectivity across the country.
Digitalization: The industry is increasingly adopting digital technologies
to streamline operations, improve tracking and monitoring systems, and
enhance overall efficiency. This includes the use of GPS tracking,
digital freight marketplaces, and blockchain technology for supply chain
management.
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Last-Mile Delivery: With the growth of e-commerce in the Philippines,

there’s a focus on optimizing last-mile delivery services to meet the
increasing demand for fast and reliable delivery of goods to
consumers’ doorsteps. Companies are investing in innovative delivery
solutions, such as drones and electric vehicles, to address urban
congestion and improve delivery times.
Challenges: The transportation and logistics industry in the Philippines
faces challenges such as traffic congestion, inadequate infrastructure,
bureaucratic red tape, and security concerns. These challenges can
impact the efficiency and cost-effectiveness of logistics operations in
the country.
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COVID-19 Impact: The COVID-19 pandemic has disrupted

global supply chains and logistics operations worldwide,
including in the Philippines. While the industry has adapted
to new health and safety protocols, pandemic-related
restrictions and uncertainties continue to pose challenges
to logistics companies.
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Statistics
According to Ken Research estimates, the Philippines logistics
Market – which grew from approximately PHP ~570 Bn in 2017 to
approximately PHP ~780 Bn in 2022 – is forecasted to grow further to
PHP ~1160 Bn market by 2027F, owing to the increased budget
allocation, increasing demand for food, beverages, and manufacturing
products in the Philippines.
Government of Philippines has made infrastructural development a
national priority and has pledged greater funding over the next decade,
with oversight of the National Economic Development Authority (NEDA).
The top two import sources of the Philippines were China and
Japan, with 22.7% and 9.4% import share, respectively.
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Key Trends by Market Segment

By mode of Shipment: Philippines cold transport market is largely import

oriented. Thus, a larger revenue share in the cold transportation market has
been garnered by domestic cold transport. The bulk of temperature-sensitive
items such as meat, sea food products, and pharmaceuticals are imported
from different countries before being distributed within the Philippines.
By Temperature Range: The Philippines Cold Storage market is dominated
by freezers and chillers owing to rising meat and seafood imports and
consumption in the country.
By Region: Metro Manila has huge capacities when it comes to cold storage
as the majority of the pallets are positioned there. In Cebu and Mindanao
there are small volumes but high prices of new closed storage.
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Competitive Landscape
Future Outlook

The Philippines Logistics Market is expected to witness significant growth during the period
2022P-2027F, owing to new players entering the market and various technological
advancements like robots.

The revenue of the logistics market in the Philippines is expected to increase over the
forecasted period due to high demand for e-commerce, tech-enabled warehouses and cold
storage services. Also, strong initiatives by the government to improve transportation and
connectivity in the region will boost the logistics market in the country.

The Freight and Logistics market in Philippines is segmented by Function (Freight

Transport, Freight Forwarding, Warehousing, Value-added Services, Cold Chain
Logistics) and by End-User (Manufacturing & Automotive, Oil & Gas and Quarrying,
Agriculture, Construction, Distributive Trade (Wholesale and Retail Segments – FMCG
included) and Other end-users (Pharmaceutical and telecommunications)).
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Key
Market Trends
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Key Market Trends

“Build, Build, Build Program” – Government Initiative
The World Economic Forum ranks the Philippines 96th of 141 countries
for the quality of its infrastructure. To improve the transport infrastructure.
The government set up a long-term scheme to spend 9 trillion pesos
($177bn) on new infrastructure called “Build, Build, Build” program. The
government is accelerating multiple infrastructure projects under “Build,
Build, Build Program” and among those projects are three bus rapid transits,
four seaports, six airports, nine railways and 32 roads and bridges.
Moreover, as an initiative of the government to improve the transportation
system in the country, there will be an implementation of the “Public Utility
Vehicle Modernization Program (PUVMP).” 2.2 billion Philippine pesos has
been allocated for the transport modernization plan, which will be used to
provide subsidy to drivers and operators who will be buying electric
jeepneys, as well as address the training for drivers. The training will serve
as a refresher on the technicalities of driving, safe measures, and proper
etiquette in dealing with passengers.
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Key Market Trends

Booming Express Delivery Market in Philippines
With expanding reach of Internet, the e-commerce industry in Philippines
has been on a growth spurt. About 71% (76 million) of the country’s population
are internet users, and 70% of those internet users are Online shoppers. With
the booming e-commerce sector, the need for efficient goods delivery is
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Key Market Trends

Competitive Landscape
The competition in the Philippines freight and logistics market is
highly fragmented with presence of many local and international
logistics service providers. Some of the existing major players in
the market include – FedEx, UPS, DHL, Yusen Logistics, XPO
Logistics, LorenzoShipping Corporation, TNT, PHL Post, Nippon
Express, 2GO Express, JRS Express and Maersk. Philippine’s
logistics and warehousing market has evolved in recent years with
increased trade activities in the country. Sectors such as
automotive industry, electronic products, apparel and accessories,
chemicals, and pharmaceuticals with their huge demand for
logistics services are driving the logistics industry in the country.
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Key Market Trends

Freight Forwarding
21.1% of the transporting storage and
establishments are freight forwarding companies.
Composed of the biggest chunk of transporting
service in the country, this is largely dominated by
road freight forwarding. Projected to continue to
dominate the overall Logistics Market in the
Philippines, freight forwarding is seen to grow
further with the Government’s “Build Build Build”
(BBB) Program.
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Key Market Trends

Warehouse Market
Second biggest chunk for the Logistics Market is the Warehouse
Market. With its strategic location, right on the edge of Pacific Ocean, the
Philippines is one of the most convenient docking locations for supply
routes as it essentially connects many export and import markets of
different countries across the globe. Largest contributors for Warehouse
Market are Industrial and Retail warehousing, as well as E-Commerce
companies. Opportunities for the Logistics and Warehousing Industry. The
future looks promising for the country’s Logistics and Warehousing Industry
given the country’s economic numbers – from its stable GDP growth; its
active participation in international trade; and, the boom in specialized
industries. There has also been a notable increase in consumer spending
because of a rising middle class, growing outsourcing industry, and OFW
remittances.
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The Impact of COVID-19 on the Logistics and

Warehousing industry

The COVID-19 pandemic has significantly impacted the logistics and

warehousing industry in the Philippines,Here is towhere
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Regulations and
Regulators
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Regulations and Regulators

Land Transportation Franchising and Regulatory Board (LTFRB): Responsible
for regulating public land transportation services such as buses, jeepneys, taxis,
and transportation network vehicle services (TNVS) like Grab and Uber.

Philippine Ports Authority (PPA): Oversees the management and operation of

ports in the Philippines, ensuring compliance with safety, security, and
environmental regulations.

Civil Aviation Authority of the Philippines (CAAP): Regulates civil aviation

operations, including airlines, airports, and aviation personnel, to ensure safety and
security standards are met.
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Regulations and Regulators

Department of Transportation (DOTr): Formulates policies, plans, and programs
for the development and regulation of transportation in the Philippines, covering
various modes including land, air, and sea transport.

Customs Bureau: Oversees customs regulations and procedures for the import
and export of goods, including clearance processes at ports and airports.

Toll Regulatory Board (TRB): Regulates toll roads and expressways, including toll
rates and standards for operation and maintenance.
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Regulations and Regulators

Department of Trade and Industry (DTI): Sets regulations and standards for the
transportation of goods, including packaging, labeling, and import/export
requirements.

These are just a few examples, and the regulatory landscape may change
over time with new laws and policies introduced by government agencies. It’s
essential for companies operating in the logistics and transportation industry to stay
updated on these regulations to ensure compliance and smooth operations.
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Audit
Considerations
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Risks Associated with logistics

Stock Management Challenges: Cost Increases: Fluctuations in fuel prices,
Excess or shortage of stock can cause exchange rates and other economic factors can
financial losses and customer dissatisfaction increase logistics costs and adversely affect
in cases where effective stock management profit margins.
is difficult.
Sustainability and Environmental Risks:
Data Security and IT Threats: Cyber Logistics processes carry risks related to
attacks and data security breaches against sustainability due to their environmental impact.
information systems used in logistics Sustainable solutions should be developed for
processes can put the supply chain at risk issues such as the use of fossil fuels, emissions
and endanger business continuity. and waste management.
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Risks Associated with logistics

Supply Chain Disruptions: •Customs and Legal Compliance Issues:
Interruptions at any point in the supply chain It can be difficult to adapt to customs regulations
can affect the transportation, storage or and regulations of different countries. Delays in
production of products. Unexpected events customs procedures or lack of documents may
such as natural disasters, malfunctions in the prevent the products from being delivered on
logistics network, strikes, political upheavals time.
can interrupt the supply chain.
Transport Issues: Problems during physical
Supplier Risks: transportation include risks such as damaged
The robustness of the supply chain can be products, late deliveries or lost cargo. At the
compromised due to suppliers' financial same time, fluctuations in transportation costs
problems, quality problems or reductions in and fuel prices can also affect logistics costs.
production capacity.
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Industry Challenges:
• COVID 19 pandemic such as flight declines and
cancellations, travel bans, maritime fallout
• Maximizing revenues
• Meeting international financial reporting standards
requirement
• Managing tax risks
• Managing fraud
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Industry Challenges:
• Mergers and acquisitions as facilitator of industry restructuring
• Opportunities in the emerging markets such as automation and
blockchain
• Financing transport infrastructure and public private partnerships
build-operate-transfer or leasing agreements.
• Regulatory compliance and framework such as inefficient Custom
Clearance Processes and manual processes.
• Traffic congestions particularly in Metro Manila.
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Businesses in the transportation industry

Key
provide specialized distribution services to clients,
including inbound and outbound logistics. Audit
procedures systematically analyze certain

Audit
elements or records of a business to ensure that
quality, safety, and legal standards are
consistently upheld. In the transportation industry,

Procedures
companies often perform audits for revenue
recognition, payroll records, safety policies,
equipment maintenance and legal compliance.
Understanding the different audit procedures
employed in this industry can help you to keep
your own transportation business running
efficiently, while staying on the right side of legal
regulations.
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Revenue Recognition Principles

Revenue recognition plays a crucial role in the financial reporting process

for shipping and logistics companies. Given the complexities of the industry,
including varying service offerings, contractual agreements, and payment terms,
determining when and how to recognize revenue can be challenging.

Revenue should be recognized when (or as) a company satisfies its

performance obligations by transferring control of the promised goods or services
to the customer. In the shipping and logistics industry, control may be transferred
over time (e.g., for warehousing services) or at a point in time (e.g., for
transportation services).
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Payroll Audits

Transportation companies can employ a range of non-salaried

employees, such as truck drivers who are paid a set rate per mile driven or
employees paid on an hourly basis with overtime. Payroll audits can be
especially beneficial for companies that pay hourly or on a piece-rate scale, to
ensure that all employees have been paid fairly and accurately for the work they
performed. Payroll audits in the transportation industry involve systematically
analyzing mileage records and hourly time sheets against payment records,
looking for discrepancies between earnings and actual payments. If a payroll
audit finds major discrepancies, it can reveal potential errors or fraud in the
accounting system.
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Safety Policy Audits

Safety is of paramount importance in the transportation industry,

for legal as well as practical reasons. It can be beneficial to audit a
transportation company's safety policies and procedures, including
vehicle inspection procedures, disaster response plans and incident
report policies, to ensure that safety plans and procedures remain
relevant and effective over time. Safety audits analyze all
documentation related to policies and procedures, as well as combing
through previously filed incident reports to ensure that policies and
procedures are actually being carried out.
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Physical Equipment Audits

As service providers, transportation companies rely on their

equipment to generate income and drive profitability. Thus, it can be
beneficial to conduct physical audits of productive equipment such as
trucks, trailers, refrigerated storage facilities and loading machinery.
Physical audits not only ensure that all equipment on the books is
present and accounted for, but they can also audit the safety, repair
and usage records of each piece of equipment to prevent damage to
over-used equipment.
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Legal Compliance Audits

Transportation companies operate in a highly regulated

industry. As such, compliance audits can be an important activity to
perform at least once per year. Legal compliance audits can ensure
that safety policies, equipment standards, accounting records and
financial reporting remain in line with state and federal mandates.
Compliance audits can ensure that all vehicles maintain current
emissions tests, for example, and that accounting records comply
with generally accepted accounting principles.
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The logistics audit can be framed by asking below

given basic questions to any organization
1. Are current logistics objectives consistent 4. Is the company using its Logistics resources
with current corporate, marketing and
and capacity effectively?
production strategies?
5. Is the company managing its material flow
2. How is the company performing with effectively through the supply chain?
respect to customer requirements and
preferences?
6. Are the information systems and
technologies meeting the needs of the users,
3. What is the true total cost of the Logistics the business, and the consumers?
function? And how do those costs
compare with others in the same industry
or market segments?
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The logistics audit can be framed by asking below

given basic questions to any organization
7. How should the company plan proactive 11. How to develop component vendors to
measures in reducing the cost by optimizing the avoid long distance buying?
supply chains and by reducing the inventories?
12. How to react to the competition as far as
8. How the present order cycle time is innovative distribution strategies?
addressing the customer satisfaction as far as
lead time is concerned? 13. How can one optimize the resources and
reduce the administrative costs?
9. How to optimize the manufacturing
operations? 14. What are the areas one can look into
outsourcing to reduce the cost and increase the
10. How can we switch over to pull process efficiency levels?
from the present push process?
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Independent
Auditor’s Report
 slidesmania.com
INDEPENDENT AUDITOR’S REPORT
 slidesmania.com
INDEPENDENT AUDITOR’S REPORT
 slidesmania.com

Thank you!
Do you have any questions?
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References
https://www.dhl.com/ph-en/home/press/press-archive/2022/dhl-express-philippines-is-certified-as-top-
employer-2022-for-eight-consecutive-years.html

https://top.org.ph/business-to-
business/logistics/#:~:text=Transportify%20is%20the%20leading%20logistics,logistics%2C%20and%20
Luzon%20wide%20coverage

https://www.auditboard.com/blog/supply-chain-audit-key-risks-guidance-
questions/?fbclid=IwAR1zxz9DKB3vxWEMXfMS1uOmBW01V76j1qLndgy8u9ZBZp97VmWZAV0pUoE

https://www.gridlex.com/a/revenue-recognition-for-shipping-and-logistics-companies-
st2655/?utm_source=gAAAAABmCjFBl_aQIUGTstUX9xlnPrcZmEacjnl7MtKUHFbYwhi_JspWG74BhoQ
viemJumJ_DkUSv_15lP3vB0eXsmkbaRpA1Q==#:~:text=Revenue%20should%20be%20recognized%2
0when%20%28or%20as%29%20a,a%20point%20in%20time%20%28e.g.%2C%20for%20transportatio
n%20services%29