ICMM Langara College Methods of inventory auditing and Management Paper I need to have 3 copies of 2.5 pages each for the attached assignment because 3 stu

ICMM Langara College Methods of inventory auditing and Management Paper I need to have 3 copies of 2.5 pages each for the attached assignment because 3 students are going to submit those…. Assignment #2Individual Exercise
Course Code: ICMM
Course Name: Inventory Control & Materials Management
Assignment: Developing a Process for Auditing Inventory-“Counting is as easy as 1,2,3,…”
Assignment Description
This assignment will give you a better understanding of auditing inventory.
There are 3 parts to this assignment.
1. Analytical – Using the article as your reference for counting inventory. Lets assume that
certain letters are our companies inventory. Ideally we would select all the letters of the
alphabet but for this assignment we will place a limit to ten letters. You must select at least 2
vowels. Select two methods of auditing inventory and then discuss the pros and cons of
doing those methods. (make sure you do some research)
2. Selection – from part 1, select a method which you would recommend to senior
management. Do not forget a recommendation of this nature needs to answer the question
of “why”.
3. Last section – Great news, your recommendation to senior management was accepted.
Now you must develop a Standard Operating Procedure (SOP). These types of documents
are typically used as a method of a training aid. When you are writing up this SOP do not
forget to include all the steps needed to have a successful audited inventory.
Document1
1
Evaluation Breakdown
Marks
Criteria
(100
total)
Part 1 & 2
/50
In order to achieve top marks, students must:
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•
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Part 3
(separate report)
Document1
/50
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Description of the issues experienced when auditing inventory.
Description of common inventory issues.
Detail required regarding the driving factors of the
reconciliation.
Clear method of comparing two methods of auditing the
inventory.
Clear professional manner of presenting auditing method to
senior management
The SOP must be completed to a highly professional level.
Clarity, appearance, content, spelling and grammar are all
important aspects within the report.
From the SOP, is it clear on the steps to do the inventory audit
How will you reconcile the inventory audit? What are the
steps to reconcile the inventory?
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