Authorizations & Roles
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Author(s)
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Verification
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Approval
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Angela Fernandes
Joao Matos Machado
RtR I&D
Hugo Vinagre
RtR I&D Team Leader
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Cátia Pinto
RtR SC Transv. Project & Optimization
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Michel Berger
Process Expert WW
Invest & Divest
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18/08/2017
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18/08/2017
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18/08/2017
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01 | 18/08/2017 | New Document |
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1 Objective and Scope
1.1 Objective of this Procedure
1.2 Scope
2 Abbreviations
3 Definitions
4 Investment / Divestment:
4.1 Control evidence:
5 Major Repairs
5.1 Process:
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The purpose of this document is to describe the actions needed to correctly apply the Internal Control FXA.01.02 – Divestment for each maintenance shutdown
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This operating procedure (OP) applies to PF1 PF2 and WP1 WP2 within the Solvay Syensqo Business Services scope of entities.
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(N/A)
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The process to assuring achievement of an organization's objectives in operational effectiveness and efficiency, which aim is to ensure the compliance with laws, regulations and Group policies and procedures.
The internal control under I&D Team responsibility are:
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Modification in the assets books (IFA.01.01)Anchor
- Minimum frequency: At each change/until D-3 of each month
- Control owner function: Rhodia legacy: Each Service Center Team of I&D
EMEA: Lisbon
NAM and LAM: Curitiba
APAC: Bangkok
Solvay legacy: Technical controllers
- Application level: Group - All assets (tangible & intangible) - Period of controls: each Month.
- Process description: SBS RTR I&D Service Center establish a list of all assets above 50 KEUR put into service and commissioned, which should match with project manager requests.
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Misstatement of financial reporting (including non-compliance to IFRS rules): financial statements do not reflect the true value of the company's assets.
Fraud
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Divestment for each maintenance shutdown (IFA.01.02)
The aim of major maintenance work is to verify that the asset is being kept in good condition without modifying its life. The costs should be recognized as major maintenance costs. These costs should be considered as a capitalized component if: - They belong to a multi-annual recurring major maintenance operation,- Total costs reach a minimum threshold of 500 kEUR.
Every quarter this process should be performed in order to identify the fixed-asset for Major Repair which should to be removed.
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Misstatement of financial reporting (including non-compliance to IFRS rules): financial statements do not reflect the true value of the company's assets
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Go to AR01
Using variant: /I.D MAJOR RD MAJOR R(WP1WP2) , /MAJOR REPAIR(PF1PF2)
You will obtain the following screen
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