Process: SBS-P-DRTR-03-001 Inventory Valuation



Responsibility area: SBS-P-DRTR-02-004 Internal Control  



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 local inventory procedure and control compliance with group rules (in accordance with the checklist)

  2. Publishes updated physical inventory planning prepared by PIM and taking into account that :
    - 90% of the physical inventory count has to be done for the end of September
    - 100% of the physical inventory count has to be done for the end of November (hard close)

  3. Validate and post memorandum of inventory

  4. Ask for 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



Scope
WP1 & PF1
Frequency

Last working day of September and of November

Control owner

Finance Responsible Assigned (FRA)

References

 


Control evidences


 

 


  Guideline  



Download the file :

https://aodocs.altirnao.com/?locale=en_US&aodocs-domain=solvay.com#Menu_viewDoc/LibraryId_PnQYPBU2WKiNovjZZP/ViewId_PowE8kotGMY8ZshogT/DocumentId_PqKfmXSwoQ3zWdrKXs


2 sheets must be filled:

  1. Physical Inventory Check-List

  2. Inventory Report



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 sales force ticket that was used to submit the calculation to the service center.

 


Approval emails sent by GCCOs must be saved in pdf.