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OMEGA I NDUSTREI S launch a brand which name is Road Prince



We have started our Business in 2004. And our Business is going well and we are
trying hard work to run this perfectly. We are looking for good business
relationship with international buyer and seller.
We are introducing our self as one of the leading manufacturer of Aluminum Die
casting parts. We also are leading assembler of motorcycle and auto rickshaw by a
brand name of ROAD PRINCE. The director of this company is the Mr. Shahid

Personal Information:

The no. of total employees is 50 to 130people. And the market which they focus is
eastern Asia. Which they sell their products. And their total annual sale volume is
below US$ 1 Million.

Marketing Product/ Services:

The company manufacturing scooters, Motorcycles, and Tricycles. They also make
the parts of the motorcycles and their assembling process.

Product Details & Features:




RP 70 is the No. 1 choice in motorcycles. In addition to its established superiority
in terms of durability and fuel economy, the RP 70 is presented with special
The new attractively designed RP 70 is right there at the top, with its aerodynamic
shape, super Economic-power, a smoke-free 4-Stroke engine and the special 12-
volt CDI technology. The new eye-catching graphics, front and rear mud-flaps,
comfortable seat and the new utility box have made RP 70 an ideal combination of
elegance and durability. Because of its high resale value, RP 70 is an asset in your
life. Its excellent petrol average makes it greatly economical, and its easily
available spare parts and trained mechanics ensure trouble-free companionship
Key Features:

Big and Comfortable Seats
New Beautiful Graphics
Super Economic Power, 4-Stroke Engine
Strong Side Cover with Lock
Petrol Tank with 9 Liter Capacity
New Mud Flap


New Utility Box
Strong Side Cover with Lock

RP 110

RP is the ideal combination of speed power full engine. Its speed can make him
good product in the market.

Key Features:
Strong Footrest
Fuel Guage Indicator
Multi Reflector Head Light
Winning Style
Econo Power 4-Stroke Engine
Double Cradle Strong Tubular Frame
Strong Suspension
Wider Tyre & Strong Road Grip
Crankcase Emission Control System
Bigger Brake Drum with Non-Asbestos Brake Shoe
Element Air Cleaner (Foam Type)
Utility Box



RP-200 Auto Rickshaw

RP 110 motorcycle rickshaw

Different Product price List:

Model Price
RP-70 35000
RP 7O CC 38500


RP-200 Auto Rickshaw

RP 110


Our slogan:


Our mission was to provide a good quality vehicle in economical rates.
A dynamic growth oriented company through market leadership , excellence in
quality and service and maximizing export, ensuring attractive return to equity
holders, rewarding associates according to their ability and performance , fostering
a network of engineers and researchers ensuing unique contribution to the
development of the industry, customer satisfaction and protection of the
environment by producing emission friendly green products as a good corporate
citizen fulfilling its social responsibilities in all respects.

Board of Directors
Management Committee
Team System & Technology
Team Human Resource
Team Executive Committee
Team Audit Committee


The decision comes from chairman of the company and board of director say that
the decision is correct and then they injected in organization by respective
committee. The board of director is believed that their company governance is
going well. The company is managed and supervised responsibly and proper
internal controls and risk management policy. The system is applying efficient and
effective operations of the company to protect the assets of the company. Its should
also compliance proper financial reporting and laws and regulations in according
with international financial reporting standards. As a part of group corporate
strategy it has five committees at group level to guide the management in various
key areas of the companys operations ranging from Human Resource, Information
Technology, Audit , Environment Safety and health.
Following is summary of role and responsibilities of each committee;

This is responsible for setting overall corporate objectives and strategies,
identifying opportunities, monitoring group business strategies & plans and
developing its group members as leaders of their respective fields.
It determines the compensation package for the management staff. The committee
has also responsibility to create and maintain conducive work environment that
instills trust and ensures respect fair treatment, development opportunities &
grooming and make succession plan for all employees.
The group system and The Group system and Technology committee is responsible
to provide an insight towards the various technological aspects of information
systems. The objective of the committee is to introduce leading edge technology
and IT initiative to automate information delivery and accessibility of data for
enhancement of time and cost efficiency.
This is most prime committee of board, which reviews financial, and internal
reporting process, the system of internal controls, management of risk and the


internal and external audit processes. It also proposes the appointment of external
auditors to the shareholders and is directly responsible for their approval and
oversights of their work. An independent Internal Audit function reports to the
committee regarding risks and internal controls across organization. The audit
committee reviews reports from external auditors on any accounting matters than
might be regarded as critical. The audit committee meets three times a year and
review quarterly, half year and annual financial statements besides internal audit
plan, material audit findings and recommendations of internal auditor.
It acts at the operating level in an advisory capacity to CEO. It provides
recommendations relating to the business and other corporate affairs. The
committee has responsibility for reviewing and forwarding long-terms plans,
capital and expense budget development and stewardship of business plans. It is
also responsible for maintaining healthy environment within and outside the
company through its environment friendly products.




Two Wheeler Road

Better quality at
economical rates

Output different models
for different customers.

Deliver on time and return
defected product on time


skill full and qualified staff
Financial Strong
People Trusted Products
ISO Certified
Customer Care
Customized products
Availability of Spare parts
Best delivery system (Transportations)
Reliable price of product
Political instability
Increasing Prices of Oil


Technology upgrading
Strong competition from competitors in near future
Instability of Government
High rate of Taxation
Quality Policy:
Commitment to provide high quality motorcycles & parts
Maintain and continuously improve quality
Training of manpower and acquisition of latest technology
Safe, clean and healthy environment
Market leadership and prosperity for all
Strategic Goals:
Our customer is the reason and the source of our business. It is our joint aim with
our dealers to ensure that our customers enjoy the highest level of satisfaction from
use of Road prince Motorcycles.
To ensure that our products and services meet the set standards of excellence.
Local Manufacturing:
To be the industry leader in indigenization of motorcycles parts.
To develop and maintain distinct business advantages through continuous
induction of improved hard and soft technologies.


To enhance and continuously up-date each members capabilities and education
and to provide an environment which encourages practical expression of the
individuals potential in goal directed team efforts and compensate them attractively
according to their abilities and performance.
Corporate Citizens:
To comply with all government laws and regulation, to maintain high standard of
ethics in all operation and to act as a responsible members of the community

Hierarchy of Accounts & Finance Department

Chief Finance Officer (CFO)

Manager Accounts & Finance
Asst Manager Accounts
Account Officer
Account Officer
Account Officer
(General Transaction)



Explanation of Account & Finance Hierarchy:

The following hierarchy shows the
account and finance department. The first person which controls the whole account
and finance department is the Chief Finance Officer (CFO). The second
designation is the Manager Accounts & Finance. The third person is the Asst
Manager Accounts.
After the Asst Manager they control the following officer like Account Officer
(Payable), Account Officer (Receivable) and the third officer is the Account Office
(General Transaction).
The Account Office perform their duty like like payable which sell the goods on
credit basis and the account officer of receivable maintain the debtor account. And
the last officers who maintain General Transaction like journals, ledger and some
other transaction.
Asst manager Accounts control the following account officer such as Account
officer (payable) and some of the above officer. And this officer can submit daily
work to the Asst manager which checks the work and then final work send to the
CFO. One important thing is that Account officer (payable) and other Account
officer give the report to Asst Manager Account after 3 months. They not check the
transaction daily. Because they have no time to check the daily work.



Hierarchy of internal control and check

Internal check and Control:

The Account Manager tells me that internal check and internal and internal control
are two different functions. Internal control system is the whole system of the
company. Which control the company activities and regulation. And internal check
is to check the daily works of the employees.
Internal control is necessary part of the company. So the above internal control and
internal check hierarchy is related for account and finance department.
Junior Account
Record the transaction
according to accounting
Daily cost record related
to the unit manufacturing
Record the unit which
is prepared for sale
Junior Account
Maintain the employees
salary register
Inspection the finished
goods and how much unit
they manufactured
Check the material
Purchased new machinery
and their repair cost record
Maintain the workers
absents register
Transportation cost
Senior Account Officer


The senior Account Officer controls the internal control and internal check system.
The two junior account officers check the employees daily work and submit the
report to senior account officer. Different employees perform a different duty
which is assign to their senior account officer. The record the daily cost which is
related to the unit manufacturing. They check how much material they use in one
unit. They check the material price and record in their register.
After the work in progress they check how much unit they are manufactured today.
Which is prepared for sale. The other employees record the transaction according
to accounting standard. They check the material quality and if they feel that
material is not according to standard they return the material.
Some check inspection the machinery repair cost and how much machinery they
purchased. After the unit manufactured they send the different units to different
workshop. They also check the transportation cost which is incurred during
delivered the finished unit to workshops. So the procedure is so complex but they
give us useful output which is necessary during making a good and reliable

The omega industries (Road prince) have build an Internal control system
which is the whole system of the company which aim to ensure that:

laws and regulations are complied with;
the instructions and directional guidelines fixed by Executive Management
or the
Management Board are applied;
the companys internal processes are functioning correctly, particularly those
implicating the security of its assets;
financial information is reliable

Internal Control function:
Internal control in omega industries ( Road prince) can perform
three different function and these three function is Dectective , Corrective , and last
one is Preventive function. Detective controls are designed to find out and discover
the different errors or irregularities which may have occurred and thus, can affect
the organizations ability to achieve its objectives.
Corrective controls then work to try and fix the problem which may have arisen.
This involves problem solving and lateral thinking. Preventative controls on the


other hand, are what most organizations aim to exhibit and use at all times. This
aimed at preventing any errors or irregularities from occurring which may have
negative effects on the organization.
Internal Control Objectives:
The omega industries (Road Prince) have the following
objectives. This control is aimed at preventing any errors or irregularities from
occurring which may have negative effects on the organization.

These are the following objectives:
Accuracy of financial Statements
Validity of transactions
Timeliness and completeness in processing transactions
Compliance with applicable regulations and company policy

Components of Internal Control Structure:
In addition, an internal control structure ensures that the organization remains
compliant with any laws or other legal regulations that police the industry.

The Mega Corporation Frame recognizes five essential components to this system:
1) Control Environment
2) Risk Assessment
3) Control Activities
4) Information and Communication
5) Monitoring

1) Control Environment:

The control environment, also called the internal control environment, referred to
value that the senior management team of a business attaches to the importance of
the audit and risk management function to the firm.


2) Risk Assessment:

The component of risk assessment is the actions taken by a business to determine
any situations that may pose legal or financial risk to the firm. Commission.
Likewise, an accountant may audit the financial records of the business to ensure
that all accounting practices are sound.
3) Control Activities:

The control activities component describes every policy, procedure and best
practice a small business puts into place to minimize risk. For example, the firms
senior management may mandate that an external accountant review the
organizations books on an annual basis to ensure that the internal accounting team
is performing effectively. Likewise, a business may create a policy stating that all
outgoing correspondence must be reviewed by the legal department before delivery
4) Information and Communication:

Information and communication are the methods used to train the employee
population of the control activities. A business may implement this component in a
variety of ways.

5) Monitoring:

The monitoring component of the internal control structure describes a small
business practices of self-auditing its risk management systems, ensuring that all
employees are compliant with the internal policies. This may be carried out
through a few ways. An internal compliance department may be created
specifically to audit the organization.
Internal check:

Internal check is to check the work of the account department day to day and to
ensure that all the entries and records are correct and accurate. Internal check
duties can be perform by senior accountant and someone. If they see any errors and
frauds which they can eliminate them and forward the daily work to the senior



Internal audit system in Omega industries (Road Prince):

When I ask the account manager when you conduct internal audit system in your
company which system you follow and after they give me the answer that when we
conduct internal audit system these can be perform by company employees not the
outsider person.
The manager gives me some useful information that the company has an auditor
which is only work for the company not for the outsider. And he is the employee of
the company.

Hierarchy of Internal audit system

Assets and
repair cost
Account &
Asst Manager
Asst Manager
Asst Manager

Bank transaction
Sales and

Journals entry
and ledger
Check the material


Explanation of the above internal control system:

When they conduct the internal audit system in their company they follow the
follow method which I can tell you above. And when the internal audit is
completed the final report which is gives to the director or the CEO of the
The purpose of the internal audit is to check the errors and problem and after the
internal audit they highlight the problems which are finish.
The CFO is the person which leads the whole team of internal audit team. And
manager Account & finance is to check the report which he received from the
Asst Manager Account. And Asst Manager Account is to receive the work which
their employees check and then Asst Manager finalized the report and gives it to
the Manager Account and Finance. Internal audit team mark /ticking the main head
of the statement. In this step ticking indicates the placing of the mark against an
entry in the book to denote that it has been examined by the auditor for some
purpose to ensure the consistency most of the goods the auditor use tick chart.
They check that heading are written in right place and in right statement
The second step is casting in this step the internal audit team check the arithmetical
accuracy. Casting refers the checking of addition of books account and financial
statements. The job is generally done by the junior members of the staff.
They check that machinery amount is 20000 which is written correct in the
balance sheet. So the errors and frauds can easily be deducted and eliminate them.
. The third step is calling over. In this step the internal audit team compare the
entries in both of books. The fourth step is vouching. In this step the internal audit
team check the bills which the company received during the 6 month transaction.
The act of vouching consists of checking the documentary documents evidence
(invoices, cash memos, bills, receipts, vouchers, minutes, and some other
document. They check that amount of the machinery is correct written in the bill.
The fifth ste p is verification. In this step the team check the assets appear in the
balance sheet. For example a company purchased a machinery for RS.100000. The
check that land is fixed assets which is also mention in the balance sheet.
For this purpose, he should satisfy himself on the following points:


To check that each assets and liability is correctly valued and correctly write
in the balance sheet.
To indentified that these assets are the property of the business.
The assets are exist at the date of the balance sheet.

They conduct the internal audit after 6 months. This is the important part of the

External audit system in Omega industries (Road Prince):

When I ask the account manager when you conduct External audit system in your
company which system you follow and after they give me the answer that when we
conduct external audit system these can be perform by outside audit firm.

The Nasir Jamil co is the outsider audit firms which audit the company of omega
industries (Road Prince). Before the audit the done some work which I can explain
just below I think thats the external audit system which follow the company.

A team of high caliber professionals, under the legendary supervision of
Muhammad Nasir Jamil Khan-ACA, committed to provide high standard of
professional and result oriented services in the fields of Financial Consultancy,
Taxation, Audit, Accounts/Book Keeping, Corporate and Management
Consultancy and Global Offshore Financial Services.

We are determined to develop a group of highly skilled, young, energetic and
professional managers who can create and add value based on delivery and
sustainability with a difference towards all spheres of the business as well as to the
society and the profession it.


(1) The number of people in external audit team depend upon the nature of the business.
(2) If the company capacity is large then external audit team must contain 10 to 12 person.
(3) If the company capacity Is not so large then external audit team must contain 6 to 9 person.
(4) These are also information given by a person of the external audit team.
(5) The final report should be given within reasonable time not give accurate time.



External Audit Hierarchy


Company Your system
1) They make account and finance
department both.
We make only account department.
2) The company name is omega industries
and brand name is road prince.
No name of the company.
3) Total employees works in
industry/company is 50 to 130 people.
We cannot explain how much employees
works in our company.
4) Company manufacturing motor cycles. Our company has no product to mention in
our report.
5) The hierarchy of account and finance
department is so strong.
The hierarchy of our company is not so
6) Minimum employee work in account
and finance department.
Maximum employee work in account
7) Account and finance department is
control by CFO.
Our company account department is control
account officer/account manager.
8) Company has only one assistant
manager account.
Our company has two junior assistant
9) Company assistant manager accounts
control three departments.
Our company two junior assistant account
control several departments.
10) The cost of the account and finance Our company account department cost is so
Charter Accountant
Account and
department related
documents check
should be kept
department and
related cost should
be check
Human Resources
Department to
proper check
Department check
the advertisement
cost and daily
product promotion


department is low. high.
11) The company conduct the internal audit
procedure after 6 month.
Our company conduct the internal audit
procedure after 4 to 5 month.
12) The company has vision, mission and
one important thing is the slogan.
Our company has no slogan.
13) The company present the internal audit
report in extra ordinary meeting.
Our company present the report to account
manager and after they give the report to the
chief executive officer.
14) The account and finance department
make some future planning to increase
the capital of the company.
Our company has no planning how to improve
our account department accuracy.
15) Company focus on two things one is
internal control and other is internal
check. But on other hand the company
checks daily work of the employee and
give report to the senior account
Our company is only focus internal check.
They check only daily work and not make
proper report about the performance of the
16) The auditor remuneration is decided in
annual general meeting. Company
appoints the external audit firm.
Our company conduct no external audit.
17) The company annual sale is just near
2.5 million.
Our company is not so reliable sale.
18) The final audit report is present in