IAC.02.06. Slow turn inventory reserve 


Process: Inventory Valuation

Responsibility area: Internal Control Monitor  

Risk

Slow turn inventory reserve do not comply with group rules

Objective

FRA updates every year slow turn inventory reserve calculation procedure for his/her plant(s)

Process description

Inventories shall be depreciated at least quarterly based on the age and movements of the material. Proposal will be provided to FRA for analysis (* Possible to be done by site as well) 


Control description

SBS is preparing and sending the report with the Inventory reserves to the FRA for analysis and validation

Scope:
WP2 & PF2
Frequency

Quarterly - Last working day of March, June, September, November(Hardclose)

Control owner

Finance Responsible Assigned (FRA)

References


Content by label

There is no content with the specified labels

Control evidences



  Guideline  

Download the file IAC 02.06 Slow turn inventory reserve.xls

There are 4 sheets in the file


2 sheets must be filled:

1. "Reserve FRA check-list" in english or in french

2. Procedure


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 Service One ticket that was used to submit the calculation to the service center.

  


3 Comments

  1. Jean Baptiste Legouy

    Hello

    This is not clear to me. Is it a yearly or quarterly control?

    What procedure are you talking about? Specific to every plant?

    Posting evidence in e-Room, are you sure?

  2. ROLLIER, Charlotte

    Hamburger, Joao I am not sure the list of internal controls is updated, can you confirm ?

  3. Hamburger, Joao

    There are some updates to be done in the internal control list and their descriptions, some initial actions have been done to review this and we will continue in the next weeks.