If we turn to any economic literature, it will become clear that the most effective among the methods of internal control is an inventory of property and liabilities. This method helps to solve a whole range of problems, among which the most important are the following: counting property, as well as obligations, checking the reliability of such a count. In this case, it is only necessary to carry out correctly, as well as draw up this procedure. It is worth taking care to avoid any mistakes that may be made by some companies or firms.
An inventory of property and financial liabilities is usually controlled by certain regulatory documents. Among them, it is worth noting the federal law adopted in November 1996. It governs the accounting process.
It is worth noting the provision governing the maintenance of accounting, as well as financial statements in Russia. This provision was adopted by order of the Ministry of Finance of our country in 1998.
Finally, it is necessary to take into account the guidelines related to the inventory of property, as well as financial obligations. They were adopted by order of the Ministry of Finance.
An inventory of property and liabilities has some goals. First of all, it is a guarantee of the reliability of data relating to the process of accounting and financial reporting. The inventory aims to identify the property of a company, as well as to determine whether it is the same as indicated in the accounting documents.
It is also worth noting the goal set by the inventory of property and obligations of the organization: to reflect in the documentation all the obligations that the company has, identifying any debts, penalties, and so on. All these measures are necessary in order to deal with debtors, as well as in order to control all their reporting.
When an inventory of property and liabilities is carried out, the company has the right to document the existence of the relevant property and liabilities, indicate their value and declare in what condition they are.
During the inspection, substandard resources may be identified. Then they will be discounted or written off if such a need arises.
In addition, those will be found who will be punished for such actions. As a rule, the inventory is divided into mandatory and voluntary. If we talk about voluntary inventories, they are directly managed by the owner of the company. He establishes their number, and also decides which property should be inventoried. He also decides in what time frame to take an inventory.
As for the mandatory inventory, it is carried out when the persons responsible for the financial condition of the company change, when cases of theft, property damage, when any natural disasters, fires and other emergencies occur . Such an inventory is also carried out in cases where the company is liquidated or reorganized.
In some cases, even create a special commission, which has the task of organizing the control of verification processes. To conduct an inventory , each individual company must have a special inventory commission. Its composition is usually approved by the head of the company. The composition of the commission is always reflected in the so-called Book of control over the implementation of orders for the inventory of property and obligations.
Quite rightly, there is special documentation that governs the entire inventory process.