Question

What is the IFTI and what do they do? 

What is a supply chain audit and the different types, and which are credible?

Answer 1

What is the IFTI and what do they do?

Australia has the mandatory system for reporting the reports for all international funds transfer instructions to AUSTRAC. International funds transfer instructions (IFTI) is "an instruction for the transfer of funds which is transmitted into or out of Australia electronically or telegraphy, It does not include an instruction of a prescribed kind" . The prescribed instruction is bank to bank settlement not generated by the external parties. This is very important , as it placed Australia at the leading edge of the financial transaction reporting for the revenue and law enforcement purpose. When an international fund transfer instruction is sent and reported to AUSTRAC, reporting entities are needed to report the name ans address or the location of originating customer. So the adequate information on the originator is usually recorded by the financial institution for all cross boarder transactions.

What is supply chain audit and the different types and which are credible?

The supply chain audit is a measurement tool used to compliance, validation and progress. It indicates the business, the efforts needed to build the more sustainable supply chain . Such audits will help the organization to understand their suppliers and how they gives the visibility and transparency into their practices. The acceptable methods of supply chain auditing can be distinguished by rapid turnaround time, complex analysis, general research and comparison. A separate dedicated resources for documentation control, planning, program tools, total management, supplier and results monitoring, and aligning action follow-up should be included in the audit program to achieve the highly efficient audit program.