Podcast
Questions and Answers
What type of companies provide expertise to those looking to sell products overseas?
What type of companies provide expertise to those looking to sell products overseas?
- Ship agents
- Export management companies (correct)
- Customs house brokers
- Freight forwarders
Who handles export documentation, transportation, and meeting foreign government requirements?
Who handles export documentation, transportation, and meeting foreign government requirements?
- Export packers
- Ship brokers
- Customs house brokers
- Export trading companies (correct)
What is the primary function of customs house brokers?
What is the primary function of customs house brokers?
- To locate overseas buyers
- To provide export packaging services
- To handle export documentation
- To oversee the movement of goods through customs (correct)
What is the expected growth rate of the Philippines freight and logistics market during the forecasted period?
What is the expected growth rate of the Philippines freight and logistics market during the forecasted period?
What is driving the growth of last mile logistics in the Philippines?
What is driving the growth of last mile logistics in the Philippines?
Which of the following is an example of a value-added service in the Philippines freight and logistics market?
Which of the following is an example of a value-added service in the Philippines freight and logistics market?
What is the primary function of ship brokers?
What is the primary function of ship brokers?
What is the role of port authorities in the Philippines?
What is the role of port authorities in the Philippines?
Which of the following sectors is NOT a major contributor to the Warehouse Market?
Which of the following sectors is NOT a major contributor to the Warehouse Market?
What is the primary factor driving the demand for warehouse and storage facilities expansion?
What is the primary factor driving the demand for warehouse and storage facilities expansion?
What is the impact of the government's P9.2 Trillion infrastructure and transport improvement system on the Logistics and Warehousing Industry?
What is the impact of the government's P9.2 Trillion infrastructure and transport improvement system on the Logistics and Warehousing Industry?
Which of the following industries is NOT mentioned as a specialized industry experiencing a boom?
Which of the following industries is NOT mentioned as a specialized industry experiencing a boom?
What is the impact of COVID-19 on the global supply chain?
What is the impact of COVID-19 on the global supply chain?
What is the status of the country's economic growth?
What is the status of the country's economic growth?
What is the reason for the growth in sales of food and beverage, clothing apparel, and electronics?
What is the reason for the growth in sales of food and beverage, clothing apparel, and electronics?
What is the status of the Logistics and Warehousing Industry in the Philippines according to LRG?
What is the status of the Logistics and Warehousing Industry in the Philippines according to LRG?
What is the primary purpose of a payroll audit in the transportation industry?
What is the primary purpose of a payroll audit in the transportation industry?
What is the primary benefit of conducting physical equipment audits in transportation companies?
What is the primary benefit of conducting physical equipment audits in transportation companies?
What is the primary focus of a safety audit in the transportation industry?
What is the primary focus of a safety audit in the transportation industry?
What is the assumption made by LRG regarding mid-term growth forecasts for the Philippines economy and industries?
What is the assumption made by LRG regarding mid-term growth forecasts for the Philippines economy and industries?
What is the primary reason why safety is of paramount importance in the transportation industry?
What is the primary reason why safety is of paramount importance in the transportation industry?
What is the primary benefit of analyzing mileage records and hourly time sheets against payment records in a payroll audit?
What is the primary benefit of analyzing mileage records and hourly time sheets against payment records in a payroll audit?
What is one of the industry challenges faced by the transportation industry due to the COVID-19 pandemic?
What is one of the industry challenges faced by the transportation industry due to the COVID-19 pandemic?
What is the primary purpose of reviewing incident reports in a safety audit?
What is the primary purpose of reviewing incident reports in a safety audit?
What is one of the key areas that companies in the transportation industry often perform audits for?
What is one of the key areas that companies in the transportation industry often perform audits for?
What is the primary benefit of conducting regular audits in transportation companies?
What is the primary benefit of conducting regular audits in transportation companies?
What type of employees are often employed by transportation companies, and may be paid a set rate per mile driven or on an hourly basis with overtime?
What type of employees are often employed by transportation companies, and may be paid a set rate per mile driven or on an hourly basis with overtime?
What is one of the benefits of understanding the different audit procedures employed in the transportation industry?
What is one of the benefits of understanding the different audit procedures employed in the transportation industry?
What is the primary focus of a physical equipment audit in the transportation industry?
What is the primary focus of a physical equipment audit in the transportation industry?
What is one of the aspects of a business that audit procedures systematically analyze in the transportation industry?
What is one of the aspects of a business that audit procedures systematically analyze in the transportation industry?
What is one of the challenges faced by the transportation industry in terms of regulatory compliance?
What is one of the challenges faced by the transportation industry in terms of regulatory compliance?
What is one of the opportunities in the emerging markets for the transportation industry?
What is one of the opportunities in the emerging markets for the transportation industry?
What can compliance audits ensure for vehicles in a transportation company?
What can compliance audits ensure for vehicles in a transportation company?
What is the main goal of performing legal compliance audits in a transportation company?
What is the main goal of performing legal compliance audits in a transportation company?
What is a key aspect of evaluating the effectiveness of logistics resources and capacity?
What is a key aspect of evaluating the effectiveness of logistics resources and capacity?
What is a key question to ask when evaluating the logistics function of a company?
What is a key question to ask when evaluating the logistics function of a company?
What is a key aspect of optimizing the supply chain in a transportation company?
What is a key aspect of optimizing the supply chain in a transportation company?
What is a key benefit of performing a logistics audit in a transportation company?
What is a key benefit of performing a logistics audit in a transportation company?
What is a key aspect of managing material flow effectively in a transportation company?
What is a key aspect of managing material flow effectively in a transportation company?
What is a key question to ask when evaluating the information systems and technologies used in a transportation company's logistics function?
What is a key question to ask when evaluating the information systems and technologies used in a transportation company's logistics function?
Flashcards
Export Management Companies
Export Management Companies
Firms offering expertise to companies aiming to export goods but lacking internal resources.
Export Trading Companies
Export Trading Companies
Firms that locate foreign buyers and manage export processes, documentation, transport, and compliance.
Customs House Brokers
Customs House Brokers
Professionals who ensure smooth customs clearance by managing goods' movement and verifying document accuracy.
Ship Brokers
Ship Brokers
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Ship Agents
Ship Agents
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Export Packers
Export Packers
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Port Authorities
Port Authorities
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Freight Transport
Freight Transport
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Freight Forwarding
Freight Forwarding
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Warehousing
Warehousing
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Value-Added Services
Value-Added Services
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Cold Chain Logistics
Cold Chain Logistics
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Revenue Recognition Audit
Revenue Recognition Audit
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Payroll Audit
Payroll Audit
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Safety Policy Audit
Safety Policy Audit
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Physical Equipment Audit
Physical Equipment Audit
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Legal Compliance Audit
Legal Compliance Audit
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Logistics Objective Alignment
Logistics Objective Alignment
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Customer Requirement Performance
Customer Requirement Performance
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Total Cost of Logistics
Total Cost of Logistics
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Logistics Resource Effectiveness
Logistics Resource Effectiveness
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Material Flow Management
Material Flow Management
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Information Systems Effectiveness
Information Systems Effectiveness
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Study Notes
Export Management Companies and Related Services
- Export management companies provide expertise to those who want to sell products overseas but lack the necessary resources.
- Export trading companies locate overseas buyers and handle export documentation, transportation, and compliance with foreign government requirements.
- Customs house brokers oversee the movement of goods through customs, ensuring that accompanying documents are complete and accurate.
- Ship brokers act as sales representatives for ship owners and purchasing representatives for shippers.
- Ship agents are the local representatives of ship operators, handling ship arrivals, berthing, clearance, loading, and unloading.
- Export packers provide export packaging services.
- Port authorities own and operate ports, providing wharf, dock, and terminal facilities.
Philippines Freight and Logistics Market
- The Philippines freight and logistics market is segmented by function (freight transport, freight forwarding, warehousing, value-added services, and cold chain logistics) and by end-user (manufacturing & automotive, oil & gas and quarrying, agriculture, construction, distributive trade, and other end-users).
- The market is expected to grow at a CAGR of around 8.2% during the forecasted period.
- The growth is driven by the introduction of new web technologies, surging e-commerce operations, and the increasing popularity of last-mile logistics.
Opportunities in the Logistics and Warehousing Industry
- The future looks promising for the Philippines' logistics and warehousing industry, driven by the country's economic growth, active participation in international trade, and the boom in specialized industries.
- The growing popularity of e-commerce has increased consumer spending, leading to a higher demand for warehouses and storage facilities.
- The expansion of local and international manufacturing companies in Metro Manila's outskirts has created opportunities for logistics and warehousing companies.
The Impact of COVID-19 on the Logistics and Warehousing Industry
- The COVID-19 pandemic has disrupted the global supply chain and had significant effects on logistics worldwide.
- The pandemic has interrupted and unsettled social and economic activities worldwide.
Industry Challenges and Audit Considerations
- Industry challenges include COVID-19, maximizing revenues, meeting international financial reporting standards, managing tax risks, managing fraud, mergers and acquisitions, opportunities in emerging markets, and regulatory compliance.
- Audit procedures in the transportation industry involve analyzing revenue recognition, payroll records, safety policies, equipment maintenance, and legal compliance.
Audit Procedures
- Revenue recognition principles
- Payroll audits to ensure fair and accurate payment to employees
- Safety policy audits to ensure safety plans and procedures are effective
- Physical equipment audits to ensure equipment is present, accounted for, and well-maintained
- Legal compliance audits to ensure safety policies, equipment standards, accounting records, and financial reporting comply with state and federal mandates
- Logistics audits framed by asking questions such as:
- Are logistics objectives consistent with corporate, marketing, and production strategies?
- How does the company perform with respect to customer requirements and preferences?
- What is the true total cost of the logistics function?
- Is the company using its logistics resources and capacity effectively?
- Is the company managing its material flow effectively through the supply chain?
- Are information systems and technologies meeting the needs of users, the business, and consumers?
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