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Production and Inventory Cycle - Coggle Diagram
Production and Inventory Cycle
Components of Production Process
Production Process
Outputs
Finished Goods
Services
Inputs
Labour
Land
Machinery
Raw Material
Production Processing
Machine & Process Time, WIP
Completion to FG
Completed Production Report
Raw Material Issues
Numbered Issue Slip
Inventory Management
Storage & Dispatch of Manufactured Inventory
Maintenance of inventory master
Production entries supported by docs
Physical and Monitoring Controls
Objectives & Controls
Safeguarding
Completeness
Existence
Issue of RM
Completeness
Validity
Recording
Completeness
Accurancy
Production Planning and Design
Customer Production Order
Customer Job card
Inventory Production Order
Inventory Job Card
Daily Production Report
Example Weaknesses &
Recommendations
No daily production report
Daily production report with all costs incurred must be recorded
Time not captured on job card
Time must be recorded on the Customer/Inventory Job Card
No QC Inspection
Quality control inspection should be performed to detect any apparent defects
RMI not numbered in sequence
Pre-numbered raw materials issues slip (RMI)
Substantive Testing
Existence
Right & obligations
Valuation
Completeness
Cut-Off
Accuracy
Presentation & Disclosure