Adapting to circumstance: Magnetic MRO finds innovative way to perform stock-taking

Magnetic

Magnetic MRO has performed its first virtual stock-taking.

Working with a team of auditors from PwC and the company’s co-owners Guangzhou Hangxin Aviation Technology, Magnetic trialled the unconventional method as a result of restrictions imposed in response to the Covid-19 crisis.

Stock-taking would usually involve external auditors visiting the hangar and performing checks on the existing inventory. However, with travel and hangar visits temporarily suspended, inventory checks can be performed online, Magnetic said.

Both teams of auditors sampled certain inventory articles. The process took approximately four hours and was conducted and recorded for future reference via Microsoft Teams.

“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 Magnetic MRO’s business controller Jekaterina Piskunova (pictured above).

“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 time zones across the world. I am glad our partners are open-minded and also willing to adapt processes to the situation – together, we can navigate any challenges.”

PwC’s senior associate Iiris Embrich commented: “For us, it was a totally new experience to participate in a new reality stock-count. The stock-count was well organised, 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.”

Sign In

Lost your password?