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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

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

Control description

FRA

1. updates plant  Validate and publishes local inventory procedure and control compliance prepared by PIM with group rules
2. coordinates with Physical Inventory Manager (PIM) execution to reach defined targets at end of September and of December.
3. (in accordance with the checklist)
   
   
4. 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 
   
   
5. Validate and post memorandum of inventory
   
   
6. Ask for publishes last quarter physical inventory planning and require 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