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The Research on the Risk-oriented Internal Control of the Enterprise Inventory

Author: FuJie
Tutor: FanXingJian
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Internal Control Risk Risk Management Stock
CLC: F275
Type: Master's thesis
Year: 2007
Downloads: 3223
Quote: 2
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Abstract

The early 20th century, with the rapid development of the capitalist economy, the size of the stock company expanding further separation of ownership and management, to prevent and expose errors and drawbacks, and gradually formed a number of organizations, regulation, restriction and supervision of the management and operations , and the eventual establishment of the system of internal control. Internal control system since its inception, much to the concern of the theoretical and practical circles. Well-known large enterprises as mankind into the 21st century, the dramatic changes in the world economy, enterprise contact with the external environment to enhance the original limitations of the internal control system has become increasingly evident, as not enough emphasis on risk management, and successive scandals case of continuous exposure to internal control theory and practical circles tremendous pressure, prompting them to be focusing its attention on risk management. Enterprise risk management for a time became the focus of attention, also boarded the stage of corporate governance as the core of the Strategic Enterprise Management. Internal control risk-oriented research has aroused great concern of the theoretical and practical circles, October 2004 COSO Enterprise Risk Management - Integration Framework, a new framework to strengthen risk management, covering the original internal reasonable control. Since then, in 2007, the Chinese Ministry of Finance issued a \important issues. Based on this background, this article attempts to draw on the latest research results at home and abroad, from a risk management perspective, to do a systematic, in-depth study of the the business inventories internal control theory and its application. The overall structure of this article is constituted by the preface and the foreword is mainly to study the problem of this background, significance, related concepts, research framework and methods generality elaborate. The text is divided into four parts: the first part, internal control and risk management. This section describes the evolution of the internal control theory, and to explore its relationship with risk management. First, the paper introduces and comments on the dynamic of the internal control theory of foreign research and domestic research. The foreign internal control theory has mainly gone through five stages, the latest development of internal control is COSO's Enterprise Risk Management - Integration Framework \The domestic internal control theory mainly divided into four areas: to study foreign internal control theory and development; internal control basic theoretical research; internal control applied research; laws and regulations relating to internal control. The paper argues that the domestic internal control, there have been some achievements, but is still relatively weak. Internal control most of the research is to introduce foreign experience, many studies are based on the COSO internal control report, the theory yet into China's internal control system; research point of view to be expanding, internal control related research from the angle of risk control less; single research methods, the lack of case studies and empirical research. Second, the paper discusses the integration of the internal control and risk management. This section seriously study the COSO Enterprise Risk Management - Integration Framework \The risk is based primarily on the internal control system developed, the greater the risk, the more it is necessary to set the proper internal control measures only strengthen internal control to start by raising risk awareness in order to make the enterprise security operation. The one hand, the promotion of new technologies and markets, risk management is a natural extension of the concept of internal control; On the other hand, internal control and risk management have focused on, focus on the institutional level of internal control, risk management focuses transaction level, I believe that with the forward to the constant improvement of the internal control or risk management, internal control and risk management must intersect, integration until uniform. The second part of the stock internal control, risk-oriented. This section attempts to internal control of inventories from a risk management point of view to provide theoretical guidance for the practical development of our enterprise internal control of inventories. First, the paper defines the meaning of the internal control of inventories and clear inventory internal control objectives and specific objectives, so as to lay the foundation for the the stock internal control risk-oriented research. Secondly, the paper inventory control within the inventory of basic business processes, the stock internal control of content, inventory internal control oversight evaluation. Internal control of inventories consist primarily of two systems: First, the control of the physical flow of inventory procedures; transfer of inventory value recorded program control. The content of the physical flow of program control inventory-related procurement, inspection, storage, issue, production and delivery, and other provisions of the various aspects of the work program, the division of functions and control aspects of the setting, the transmission of information requirements and corresponding authorization requirements and so on. The transfer of inventory value recorded program control, the accounting department established in accordance with the characteristics of the enterprise inventory management control from raw material procurement to production, inventory, and sale of the whole process. Clear the two inventories internal control system to lay the foundation for the writing of the thesis behind. Finally, the paper from the inventory of the internal control risk analysis, risk response inventories internal control risk management. Commission issued COSO enterprise risk management - integrated framework, internal control from the \Risk analysis and response in the internal control of inventories inventories internal control system design, information and communication, as well as supervision, inspection of the internal control environment, risk analysis and response. An important element of internal control self-assessment of internal control supervision, inspection. The third part of the the stock internal control, risk-oriented: Changan Ford case study. This section is the focus and core of the thesis, and inventory internal control risk management perspective Practice. First, the paper describes the inventory of internal control background of the case and to explore the characteristics of Changan Ford's internal control system and internal control system for the inventory. Changan Ford is a joint venture established by Changan Automotive Group, Ford Motor Company and Mazda Motor Corporation. In the area of ??internal control, the company is mainly using concepts and methods from the joint venture partner of the United States. I believe that Changan Ford inventory in the internal control system, the most unique is the use of modern logistics supplier audit material procurement control and inventory management. Audit, the company is able to effectively prevent excessive corporate purchasing back the cost of raw materials suppliers. Changan Ford inventory is controlled by a dedicated logistics center. Logistics center core task is to determine the safety stock. Secondly, from a risk management point of view to explore the internal control of inventories. Paper will combine theory and practice, start from the Changan Ford Inventories internal control objectives and business processes, identify risks in this process, the analysis of risk and may lead to the results, and to take measures to deal with them. Changan Ford inventory internal control, risk management into risk management in the inventory business processes, risk management and inventory accounting records. Inventories economic risks of the business process management is based on the inventory business processes (including material procurement, material transport and acceptance warehousing, inventory custody and inventory, inventory disposal of finished products issued) to determine the risk control, risk analysis and risk response, reaching reduce risk, the purpose of enhancing the value of inventories. The record inventories internal control control, including accounting records records control and general management control are two types of accounting records control records formed for the process of procurement, inventory, the library of corporate assets, liabilities and capital receipts and payments accounting matters . The paper combines the the Changan Ford actual further analysis of the risks and response measures in the accounting records of inventories. Finally, the paper describes the the Changan Ford stock internal control self-assessment, which is the Changan Ford Inventories internal control characteristics. Changan Ford inventory module control audit procedures include: (1) the module control audit program (MCRP) - production and non-production inventories and industrial materials; (2) module control audit program (MCRP) - the annual stocktaking; (3 ) module control audit program (MCRP) - inventory costing. The fourth part, Changan Ford inventory internal control its enlightenment. At risk is not necessarily a loss, enterprises should learn how to apply the concept of risk management, in order to enhance the effectiveness and efficiency of the internal control, internal control and risk management is the same in business management. Changan Ford inventory in the internal control system embodies the concept of risk management, the two criss-cross, and mutual penetration, all into one. Changan Ford inventory risk-oriented internal control system the main inspiration for China's enterprises include: (1) to develop a risk management culture; (2) science, detailed business process control; (3) information and communication; (4 ) self-evaluation mechanism. The papers contribute mainly in the following aspects: 1, topics and research point of view is a novelty. Domestic discussion on internal control is more, but from the point of view of internal control risk less. Papers from a risk management point of view within the inventory control study, in order to provide theoretical guidance for the establishment and improvement of the internal control of enterprise risk oriented. 2, the content has novelty. (1) Papers risk and internal control study, trying to build a manifestation of the internal control risk management thinking theory, the risk of additional considerations faced by enterprises in the allocation of resources, internal control, to enhance the effect of internal control and efficiency. (2) At present, the risk-oriented internal control study, most of the emphasis on the interpretation and analysis of the COSO internal control framework and risk management framework elements. The study of this paper is to establish fully understand and analyze the basis of the COSO risk management framework, through case studies in depth analysis of targeted enterprise inventory business internal control relevant content. Understanding of internal control, not only from the perspective of framework elements deeper into the scope of the study to the specific business of the enterprise internal control, breaking the traditional limitations of the study. 3, in the collection of the data, this paper collected a large number of domestic and international full, detailed and up-to-date information, and its related and summarized, so that the paper is more persuasive.

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