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The Sherwin-Williams Company Internal Audit & Loss Prevention

The Sherwin-Williams Company Internal Audit & Loss Prevention. Greg Schillo -Field Audit Supervisor-Eastern Division. Company Overview. In business since 1866, SW has been in operation for 139 years. Over 25,000 employees. In 2005, sales rose to over $7 billion.

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The Sherwin-Williams Company Internal Audit & Loss Prevention

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  1. The Sherwin-Williams CompanyInternal Audit & Loss Prevention • Greg Schillo -Field Audit Supervisor-Eastern Division

  2. Company Overview In business since 1866, SW has been in operation for 139 years. Over 25,000 employees. In 2005, sales rose to over $7 billion. More than 3,000 automotive, paint stores and chemical coatings stores Worldwide.

  3. Global Group Automotive Division Chemical Coatings Division Paint Stores Group Company Structure The company is comprised of 3 Operating Groups, a Corporate Division: Corporate • Consumer Group • Consumer • Diversified Brands • Wood Care

  4. Corporate • Comprised of many departments that are common across all operating divisions and business units. • In some instances (i.e. Fixed Assets, Accounts Payable), the systems are Corporate based; however divisions are responsible for day to day activities. Departments Include: • Human Resources • Accounts Payable • Audit & LP • Purchasing • Accounting • Tax • Safety • Fixed Assets • Environmental • Legal • Real Estate • Risk Management

  5. Internal Audit & Loss Prevention • Comprised of: • Field Audit • Consists of a Manager, four Field Audit Supervisors, two Senior Zone Supervisors, two Analysts, and approximately 50 Field Auditors • Corporate Audit • Consists of approximately 22 auditors throughout Corporate, IT, and International.

  6. Department Structure

  7. Department Structure

  8. General Responsibilities • The Company maintains an Internal Audit Department • means of providing all levels of management with information to better control operations. • Internal auditing is an independent review and appraisal activity assigned the responsibility to audit all activities of the Company as a service to management.

  9. Department Functions • Why we audit: • To ensure compliance with Company and Division policy and procedure, as well as GAAP • To ensure accuracy and integrity of Company financial records, and that proper support exists • To safeguard assets • To act as deterrent to potential irregularities • Ensure Division employees are knowledgeable • Be “eyes and ears” of top management • Determine variances • Take an independent point of view on Company operations

  10. Department Functions • Who we audit: • Company operations, not personalities/individuals • Deficiencies may be the responsibility of the District Manager, Distribution Center, landlord, plant, Division office, as well as store Manager.

  11. Department Functions • When we audit: • Surprise basis • Stores have no chance to hide things • Enables auditors to evaluate appearance from customer’s perspective • Determine that operating procedures are complied with on a timely basis • To act as a deterrent to potential irregularities.

  12. Training • 7 Week Training Program • Eight day Orientation at Headquarters in Cleveland, OH • 2 weeks with 2 different training auditors located across the country. • ½ the audit in 1st two weeks, ½ the audit in 2nd two weeks. • Very intense and in depth • Evaluated at end of each session • One week audit by self with no trainer, but one day visit from Supervisor.

  13. Benefits of Field Audit

  14. Interviewing We will be on campus for interviews: March 2006* *Exact Date TBD in 2/06.

  15. Field Auditor Analyst Senior Field Auditor / Field Audit Supervisor Senior Zone Supervisor Field Audit Manager Field Auditor Corporate Auditor Field Audit Supervisor Any other Accounting / Finance positions the company has to offer. Careers

  16. Conclusion Questions? Comments…

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