Research On Optimization Of Inventory Internal Control Of W Chemical Company

The chemical industry,especially the manufacturing of chemical raw materials and chemical products,is a large-volume and large-scale industry in China’s national economy.Among them,due to the non-renewable nature of phosphorus ore and affected by the domestic and international environment,the diversification of its demand has further expanded the phosphorus chemical industry market.Enterprises with phosphate resources are facing greater uncertainty,and the competition in the industry is becoming more and more fierce.As an indispensable resource for the production and operation of phosphorus chemical enterprises,inventory is distributed in various production links of production,supply and marketing,which has certain special characteristics and increases the management difficulty of enterprises.W Chemical Company,the research object of this paper,is a state-owned holding enterprise.Its main products are phosphoric acid products.In recent years,due to the upward industry environment and the expansion of product demand and sales,the proportion of inventory has also increased significantly.At present,the parent company of the group wants to land in the capital market and is promoting the optimization of the internal control of the group to meet the needs of the group’s development and internal and external supervision.The internal control system of W Chemical Company was established late,the internal control awareness of inventory-related business operators was insufficient,and the internal control management of inventory was not formed.With the expansion of development and production scale,and in order to meet the development requirements of the group,it is urgent to explore the internal control and optimization path of W Chemical Company’s inventory.According to the internal control theory,this paper uses the five elements of the COSO internal control framework,combined with the specific requirements of China’s relevant internal control,to carry out research on the internal control management of the inventory of W Chemical Company.Through the elaboration of the industry and operation of W Chemical Company,the impact on the optimization of the internal control of the company’s inventory is analyzed.Combined with the interview,the existing practical problems were found from the perspective of qualitative analysis,and then the internal control of W Chemical Company’s inventory was decomposed and the quality evaluation system of internal control of the inventory was constructed by combining the hierarchical analysis method with the fuzzy comprehensive evaluation method.Through quantitative analysis results,we can find out the weak links of the internal control elements of inventory.The specific problems found are:imperfect control system in inventory management,missing risk identification in inventory canning operation area,non-standard inventory business operation process,defective design and implementation of inventory inventory procedures,and lack of daily continuous supervision of inventory shipment.Then analyze the main causes of these problems from five aspects:control environment,risk assessment,control activities,information and communication,and supervision activities.Finally,a corresponding optimization plan is proposed from the above five elements to improve the internal control and overall management level of the inventory of W Chemical Company,which is more conducive to adapting to the group’s overall development strategy and meeting the internal and external regulatory needs.