AUDIT REPORT ON THE END OF YEAR (31ST DEC. 2015) STOCK COUNT.

The end of year (31/12/15) stock count has come and gone. The stock audit was carried out very
smoothly though with little variations from a few outlets. Two of our external auditors were equally on
ground during the exercise and they partook vigorously in the exercise.
It is pertinent to apprise you of the delay it took the up-country branches to forward their reports on the
stock count which Internal Audit took exception to the late rendition.
Please sir, Kindly note that the late submission of their reports was actually responsible for Internal
Audits late rendition of the report which all and sundry had frowned at.

Although the stock count went on smoothly across states, it was not with slight variations in the total
stock held as physical counts. The following were the variations observed from the outlets including our
parent warehouse at Alakija here in Lagos.