Internal Control Inventory

Prepared By:	Company Name:	Date:
[YOUR NAME]	[YOUR COMPANY NAME]	[DATE]

The purpose of this inventory is to document and manage internal controls that are relevant to inventory management within our organization.

Inventory Control Procedures	Description	Responsible Party	Frequency
Inventory Counting	Regular physical counts of inventory items to reconcile with records and detect discrepancies.	Inventory Manager	Monthly
Receiving Procedures	Verification of received goods against purchase orders, inspection for damage, and proper documentation.	Warehouse Staff	Upon Receipt
Storage Practices	Proper storage conditions to prevent damage, spoilage, or theft, including secure shelving and climate control if necessary.	Inventory Supervisor	Ongoing
Access Control	Restriction of access to inventory storage areas to authorized personnel only, through key cards, locks, or security measures.	Security Team	Ongoing
Inventory Documentation	Accurate and timely recording of inventory transactions, including receipts, issues, transfers, and adjustments.	Accounting Department	Daily
Inventory Reconciliation	Regular reconciliation of physical inventory counts with recorded inventory levels to identify and resolve discrepancies.	Internal Auditor	Quarterly
Inventory Reporting	Generation of reports on inventory levels, turnover rates, and valuation for management review and decision-making.	Finance Department	Monthly
Vendor Management	Evaluation of vendor performance, including delivery timelines, product quality, and adherence to contracts.	Procurement Team	Annually
Obsolete Inventory Management	Identification and disposal of obsolete or excess inventory to prevent carrying costs and optimize space utilization.	Inventory Manager	As Needed

Additional Reminders / Notes

Documentation: Ensure accurate and complete documentation for all inventory transactions.
Training: Train staff on inventory management procedures regularly.
Security: Review and update security measures to prevent theft or unauthorized access.
Technology: Consider using inventory management software for efficiency.
Audits: Conduct regular internal audits to improve control procedures.
Emergency Preparedness: Develop protocols for inventory management during emergencies.
Vendor Communication: Maintain open communication with vendors for timely deliveries.
Disposal Procedures: Establish proper procedures for disposing of inventory items.
Management Oversight: Regularly review inventory performance metrics for informed decision-making.