|FRANKLIN P. PERDUE SCHOOL OF BUSINESS|
|CONNECTING YOU TO THE FRANKLIN P. PERDUE SCHOOL OF BUSINESS||MAY 2014|
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On March 13, 25 auditing students toured Safran Labinal Power Systems. General Manager Tony Rodriguez explained the history of the Salisbury location and discussed the purchase of this facility by the French-owned parent Safran company in 2010. This location produces wire harness assemblies, which provide electrical power to primarily military as well as some commercial aircraft. Rodriguez highlighted the distinction between manufacturers and assemblers. In addition, he discussed the industry and provided information about their primary customers. Rodriguez also emphasized the importance of internal controls, which were also illustrated while on the tour.
Assisting with the tour were Controller Stephen Burris (â€™93) and Operations Managers Joseph Figgs (â€™84) and Rich Bishop. Students enjoyed seeing the product in various stages including raw inventory, in kits and in the work in process phase. Students learned about inventory management, inventory control techniques and quality control practices. Many students stated that they had never had the opportunity for an experience like this and had a newfound appreciation of the tedious, high-quality work performed by the assembly employees.
Students will apply the knowledge gained from this visit to SUâ€™s auditing course in order to evaluate and design tests of internal controls as well as evaluate the audit risk for cash, accounts receivable, inventory, accounts payable as well as other financial statement accounts.
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