Process: RtR

Macro-Process: Inventory valuation

Scope: Level 1

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. updates plant inventory procedure and control compliance with group rules
  2. coordinates with Physical Inventory Manager (PIM) execution to reach defined targets at end of September and of December.
  3. 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

Control owner

FRA

Due date

Last working day of September and of December

Frequency

Twice a year

Control evidence
  • Physical inventory checklist
  • Inventory reports
  • Mail of validation from GCCO

Guideline

Prerequisite

  WP1 Worldwide

IAC Control

         
product costing

Area:  Controller (requester)

previous Operation(s): (warning)

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

Risk : All materials aren't counted

Objective : FRA ensures that plant physical inventory procedure is updated every year, that physicak 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. updates plant inventory procedure and cotrol compliance with group rules
  2. coordinates with Physical Inventory Manager (PIM) execution to reach defined targets at end of September and of December
  3. publishes last quarter physical inventory planning and require GCCO validation for exceptions to the rules defining the physicak coverage rate for year end. 

 

Guideline