Key Weaknesses in Financial Systems of Quarry Activities Based on External Audit Experience
Quarry activities are critical to construction and industry. However, external audit experience consistently uncovers weaknesses in financial systems that affect operational efficiency, profitability, and expose companies to increasing risk.
Amer Ibrahim - • External audit and audit
🔹 A. Introduction
CopyQuarry activities are critical to construction and industry. However, external audit experience consistently uncovers weaknesses in financial systems that affect operational efficiency, profitability, and expose companies to increasing risk.
🔹 B. Main Weaknesses
Copy- Weak Cash Flow Management
- Inadequate Cost Control
- Poor Segregation of Duties
- Weak Systems and Technology Integration
- Weak Inventory & Raw Material Control
- Ineffective Contracts & Procurement Oversight
- Weak Financial Planning
- Uncontrolled Non-Routine Operations
🔹 C. Practical Recommendations
Copy- Deploy integrated ERP solutions to link finance and operations.
- Improve role separation and update internal policies.
- Provide training for finance and admin staff.
- Conduct regular inventory counts and asset audits.
- Upgrade cybersecurity systems.
- Leverage external audits for risk detection and strategic advice.
🔹 Conclusion
CopyMost weaknesses in quarry financial systems stem from ineffective controls, lack of digital tools, and weak role assignment. Addressing these is a key step in ensuring business resilience and competitive strength.
"Investing in robust financial control systems is the cornerstone of sustainable growth and lasting trust among investors and clients."