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1
Process:
RtR
Inventory Valuation



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Macro-Process: Costing / costing model architecture

1

Responsibility area: Internal Control Monitor  

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Scope: Level 1



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Risk

Wrong fixed cost absorption in inventory, plant costing model Slow turn inventory reserve do not comply with group rules   rules

Objective

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

Process description

Costing is necessary in financial reporting to determine cost of sales and inventory valuation.

Control description

FRA fills in template for standard rate calculations and assessment cycles and asks validation from GCCO and plant manager.

Former Controls

IAC 03.09.04.01

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



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Control owner

FRA

Due date

November D10

Frequency
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Control evidence

IAC 01.09 Costing model.xlsx

validated by GCCO and plant manager

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Guideline

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Prerequisite

  WP1Image Removed WorldwideImage Removed
Info

OP.xxx applicability

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Product costing 

Area:  Responsability Area

previous Operation(s): (warning)

Tip
Rules & Glossary: Costing - Rules Costing - Glossary Costing - SAP Operations

Risk : Slow turn inventory reserves do not comply with group rules

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

Process description : Program ZWFA12A is run at the end of every quarter to provide a slow turn inventory reserve proposal. Strategic parts are parts whose unavailability would lead to a significant loss in OEE (Overall Equipment Effectiveness).

Strategic parts are not depreciated.

Control description : FRA fills in check lost

 

Expand
titleSAP Transactions
Scope:
WP2 & PF2
Frequency

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

Control owner

Finance Responsible Assigned (FRA)

References


Expand
titleSAP Transactions

Content by Label
showLabelsfalse
max30
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showSpacefalse
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operatorAND
cqllabel = "op_109" and space = "CostProc"
labelsmaintain_assessment_cycles


Expand
titleCosting rules

Content by Label
showLabelsfalse
max30
spacesSAPCost
showSpacefalse
sorttitle
operatorAND
cqllabel = "op_109" and space = "

SAPCost

CostFAQ"
labelsmaintain_assessment_cycles

Control evidences





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  Guideline  



I fill the template (IAC.02.06)

Expand
titleI fill the template download the last version of the check list

Download the file IAC 02.06 Slow turn inventory reserve.xls

There are 4 sheets in the file

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2 sheets must be filled:

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

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2. Procedure

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Include Page
I fill the template (IAC.02.06)


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Expand
titleI do the check listfill the checklist

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 .

Warning

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)

Include Page
I do the checklist (IAC.02.06)I do the checklist (IAC.02.06)


   
Expand
titleI follow the procedure
Include Page
I follow the procedureI follow the procedure

Reference

attach the procedure & sales force ticket

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

Section


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  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


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

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Next Operation(s): (warning)



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