Process: Inventory Valuation

Responsibility area: Internal Control Monitor  

Risk

All materials aren't counted   

Objective

FRA ensures that plant physical inventory procedure is updated every year, that physical count coverage comply with group rules and that auditors can supervise physical inventory organized during Q4


Process description

Physical inventory objective is to check the existence and ownership of inventories.

Control description

FRA

  1.  Validate and publishes local inventory procedure and control compliance prepared by PIM with group rules (in accordance with the checklist)

  2. Validate and Publishes updated physical inventory planning prepared by PIM and taking into account that :t :

    -  90% of the physical inventory count ( in value of items) has to be done for the end of September (including external Storage
    - 100% of the physical inventory count ( in value of items) has to be done for the end of November (hard close) (including external Storage)*
    - if "full spot" physical inventory is done, then 100% until the end of December 

  3. Validate and post memorandum of inventory

  4. Ask for GCCO validation for exceptions to the rules defining the physical coverage rate for year end.

Former Controls

IAC 04.13.00.01 / IAC 04.13.00.03 / IAC 04.13.00.04

Scope
WP2 & PF2
Frequency

Last working day of September and of November

Control owner

Finance Responsible Assigned (FRA)

References




Control evidences

IAC.02.03. Physical inventory

  • Physical inventory count
  • Annual inventory planning
  • Memorandum of inventory
  • Mail of validation from GCCO



  Guideline  

Download the file :

IAC.02.03. Physical inventory

 

2 sheets must be filled:

  1. Physical Inventory Check-List

  2. Inventory Report


Start to fill :

  1. the site
  2. the controller's name
  3. the date
  4. the period

Then answer "Yes" "No" or "N/A" to confirm that each control is performed .


If the answer is "No" or "N/A", it is compulsory to add a comment in column H

 
It is possible to add a control evidence (attachment or a link)


1. Attach your validated procedure describing how items excluded from slow turn reserve are identified

 

  1. Choose "insert"
  2. Click on the "Object" button
  3. This window will open
  4. Select "Create from File"
  5. Add you file by clicking in "Browse"
  6. Select "Display as icon"
  7. Select OK

2. Enter the sales force ticket that was used to submit the calculation to the service center.


Approval emails sent by GCCOs must be saved in pdf.

STEP 1

Go to you email and select “Google Apps” 

 
 

STEP 2

Select the button(app) for the AODOCS.
 
 

STEP 3

Search for the SBS-costing-IAC library

 

 

STEP 4

I retrieve the template for each IAC. I go to template list by clicking on "Templates". In the list of document, select the one you want to download in your computer. 
 
 


STEP 5

I download the attachment to your PC to be completed with data of the Month

 

 

STEP 6

I store the control evidence. First I click on New button and then I select

  • New FRA control, in the case I am a FRA
  • New GCCO control, in the case I am a GCCO


STEP 7

I fill in all the properties.

  • Document title

  • Control type (Select the IAC code in the list)

  • Year

  • Period (Year and Month)

  • GBU

  • Region

  • Company code

  • Plant code

  • Status

    1. Completed if no foressen changes

    2. On going if changes will be done later

    3. Cancelled if needs to be deleted







Finally attach your document and feel free to add additional comments in the description. 


 

 

STEP 8

You control evidence is now completed. You can save it by clicking the save icon 
 
 


 

Link




1 Comment

  1. Antonio Sanchez

    Romane Muller can you please review with Jean-Pierre Godbillon the checklist that is in this  procedure "SBS-OP-DRTR-02-112 - IAC.02.03. Physical inventory"

    very quickly i just see that in line 7 says that FRA prepare a reports; and this i s not true in the document Jean Pierre send to all of us couple of days ago. maybe there are other topics

     

    AS