Inventory Management
WHY?
Inventory management involves the systematic control and monitoring of an organization's goods and materials. Effective inventory management is crucial for maintaining optimal stock levels, reducing holding costs, and preventing losses through shrinkage, obsolescence, or misplacement. Implementing robust internal controls ensures accurate inventory records, enhances forecasting and purchasing decisions, and supports the organization's financial reporting and operational efficiency.
HOW?
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1. Segregation of Duties
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2. Authorization Controls
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3. Receipt Controls
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4. Physical Inventory Controls
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Q&A
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