Magnetic MRO, together with teams of auditors from PwC as well as from company’s co-owners, Guangzhou Hangxin Aviation Technology, has trialed an unconventional stock-taking method and performed their first virtual stock-taking.
Stock-taking, on a regular basis, would be done with the team of external auditors visiting the hangar and performing checks on the existing inventory. In this case, both teams of auditors have been sampling certain inventory articles virtually. The whole process, conducted and recorded for future references via Microsoft Teams, took around four hours.
“Online stock-taking is, indeed, a unique process, and for us all it has been a challenge – and also the opportunity to perform it in the current setting and gain this experience,” said Jekaterina Piskunova, business controller at Magnetic MRO. “My goal was to meet expectations of both auditors’ teams, as well as to gain efficiency in the process by combining two separate stock-taking into one, especially when auditors are in different timezones across the world.”
“For us, it was a totally new experience to participate in a new reality stock-count,” said Iiris Embrich, PwC senior associate. “The stock-count was well organized, and the requirements of both auditors were taken into account. Hopefully, we don’t have to get used to the new reality, but we assured that good cooperation would help us adapt to any situation.”
“The process is efficient and remarkable: through the virtual stock-taking, a new creative form, operation and process under the pandemic situation can still run its course,” said Fiona Huang, investment manager from Guangzhou Hangxin Aviation Technology.
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