Participants will be will exposed to the best method of managing stock Accounts as well as proper stock taking/ documentation which will be exhaustively discussed. Your staff member needs to benefit from this important workshop
Stock Fraud Management
- Types and causes of stock fraud
- Fraudulent shortage and supplies
- Internal control issues
- Fraud-free management of reformed and used spares
- Falsification of stores and supplies documents
- The internal audit functions
- Emerging trends and future challenges
Stock Accounting Documentation And Reconciliation
- Stock Accounting System
- Various accounting packages and available stock accounting modules
- Periodic and continuous stock taking procedures and documentation
- Stock reconciliation methods procedures and documentation
- Identification and management of fast, slow moving, and obsolete stock
Stock Valuation And Accounting Methods
- Treatment in bin cards, stock ledgers, control accounts trial balance and final accounts
- Requirements of IAS issued by the International Accounting Standard Board
- Requirements of International Accounting Standard No. 2
- Computerized stock accounting
- Internal control implications including stock frauds prevention and management
- Issuing stock; Methods, Authorization and Documentation
- FIFO, LIFO, NIFO, HIFO, simple average, periodic average, with the average, specific identification, standard cost, adjusted selling price etc.
- The concept of cost, net realization value and appraised value
Managing Stock Supplies Levels
- Identifying the cost of carrying too little or too much stock
- Maximum stock, minimum stock, reorders level; reorder quantity, economic order quality, etc.
- Documenting consumption patterns i.e. maximum consumption, minimum consumption, normal consumption, abnormal consumption, lead-time etc.
- The ‘Just-in-time’ concept
- Managing wastages: normal and abnormal wastages
- Stock insurance and security
Public Sector Peculiarities
- The provision of the public sector finical regulations
- The provision for the public services rules
- The implication of several government circulars.
Workshops Are Designed For
- Participants in this important workshop should include store managers, Invertors
- Managers, purchasing and supplies personnel, software developers, imports and exports
- Manages, Banking Officers, and other Management who perform related
- Functions in the public and private sectors including Banks, Oil Companies, Trading
- Organizations, Government Ministries, Parastatals, Agencies, Commissions, Local Governments, etc.