Controls in Inventory Process

Reason?To help prevent or detect fraud or errors and stock shortages in inventory processes.

Simply means that work is divided among many employees rather than just one employee involving in multiple aspects of a transaction.

There should be proper documents kept for verification purposes. Also, it is important for future references.

A senior level officer should verify / have a check on the work done by employees after a work is completed. Also, accounts should be reconciled at the end of an accounting period.

Once a year, tasks given to employees should be rotated / changed with others. The most common way of doing this is through giving annual leave to employees.