Normal stock taking involved visit to hangar and carry out the inventory check, but with COVID-19 pandemic and imposing lockdowns Magnetic MRO developed the new digital audit process
5 September 2021: Magnetic MRO in collaboration with auditors from PwC and Guangzhou Hangxin Aviation Technology has developed an unconventional stock-taking method. Accordingly to this new remote auditing process, the teams of auditors sample certain inventory articles and the whole process is conducted and recorded for future references via Microsoft Teams. The entire process takes about 4 hours. The challenge in this process is to meet the auditor’s expectations and gain efficiency in the process by combining two separate stock-taking into one as the auditors are in different time zones.
Jekaterina Piskunova, Business Controller at Magnetic MRO said, “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. I am glad our partners are open-minded and also willing to adapt processes to the situation – together, we can navigate any challenges.“
Commenting on this unique stock taking method, Iiris Embrich, PwC Senior Associate said, “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.”
Fiona Huang, Investment Manager from Guangzhou Hangxin Aviation Technology Co., LTD, added, “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.”
As the COVID 19 pandemic hit and global travel restrictions and lockdowns were imposed, hangar visits were suspended leaving an impact on multiple business units and processes from maintenance to financial operations and stockings. To avoid this situation many MRO’s across the world have come up with newer and innovative solutions to increase work efficiency. Magnetic MRO’s digital audit process is one such process of adapting to the new normal.
