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The Sherwin-Williams Company
Internal Audit & Loss Prevention
•Greg Schillo
-Field Audit Supervisor-Eastern Division
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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.
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Company Structure
• Global Group– Automotive
Division– Chemical
Coatings Division
• Paint Stores Group
The company is comprised of 3 Operating Groups, a Corporate Division:
•Corporate
•Consumer Group
•Consumer
•Diversified Brands
•Wood Care
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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
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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.
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Department Structure
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Department Structure
A u d it A n a lystO p e ra tio ns
A u d it A n a lystR e c ru itm e nt
F ie ldA u d ito rs
S E F A S
F ie ldA u d ito rs
S W F A S
F ie ldA u d ito rs
M W F A S
F ie ldA u d ito rs
E F A S
S e n io rF ie ld
A u d ito rs
2 S en io r Z o neS u p e rv iso rs
F ie ld A u d it M a n a g er
C o rp o ra teA u d it S ta ff
In te rn a tio n a lA u d it S ta ff
IT A u d itS ta ff
C o rp o ra te A ud it M an a g er
V P In te rn a l A u d it & Lo ss P re ve n tion
S e n io r V P / C FO
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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.
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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
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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.
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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.
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• 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.
Training
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Benefits of Field Audit
Travel Relocation Self Satisfaction
Knowledge of the business
Positively impact business processes
Part of continuous improvement
Opportunities for advancement
Independence
Teamwork
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Interviewing
We will be on campus for interviews:
March 2006**Exact Date TBD in 2/06.
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CareersField 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.
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Conclusion
Questions?
Comments…