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Date on August 14, 1993

Hello Visitors , Assalamu alaikum.
        Welcome to the Abed Textile Processing Mills Limited website which:
One of the pioneers of Textile processing, printing and dyeing section in Bangladesh.
        It started its operation in 1982 under the direct leadership of Mr. Haji Abed Ali Miah.
        Please browse pages to know about us & your needs.
Who We Are....


Accounting Procedures:

Inventories should be accounted for at the lower of cost and net realizable value. (Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale)

 Control Objectives:

 The control objectives of a sound system of internal control over inventories are:

 a)      Authorization and purchase procedures;

b)      Control over goods inwards;

c)      Inventory records substantiated by physical counts;

d)      Control over dispatches and goods outwards;

e)      Adequate steps should be taken to identify all inventories for which write downs may be required;

f)        Inventory levels should be controlled so that materials are available when required but that inventory is not unnecessary large.

 Control Procedures Over Inventories:

Approval and control of documents

 a)      Issues from inventories should be made only on properly authorized requisitions.

b)      Reviews of damaged, obsolete and moving inventories should be carried out. Any write offs should be authorized.

 Arithmetical Accuracy:

 a)       All receipts and issues should be recorded on inventory cards, cross-referenced to the appropriate GRM or requisition document;

b)       The costing department should allocate direct and overhead costs to the value of work-in –progress according to the stage of completion reached;

c)       To do this standard costs are normally used. Such standards must be regularly reviewed to ensure that they relate to actual costs being incurred;

d)       If the value of work-in-process is directly comparable with the member of units produced, checks be periodically be made of actual units against work-in-process records.

 Control Accounts:

 Total inventory records may be maintained and integrated with the main accounting system; if so they should be reconciled to detailed inventory records and discrepancies investigated.

 Comparison of assets to records:

 a)      Inventory level should be periodically checked against the records by a person independent of the stores personnel, and material differences investigated.

b)      Where continuous inventory records are not kept adequately, a full count should be held at least once a year;

c)      Maximum and minimum inventory levels should be pre-determined and regularly reviewed for adequacy;

d)      Re-order quantities should be pre-determined and regularly reviewed for adequacy.

 Access to assets and records:

 a)      Separate centers should be identified at which goods are held;

b)      Deliveries of goods from suppliers should pass through a goods inward section to the store. All goods pass through stores and hence be recorded and checked as received;

c)      Inventories should be held in their locations so that they are safe from damage or theft;

d)      All inventory lines should be identified and held together, e.g., in bins which are marked with all relevant information as to size, grade, origin, title for identification;

e)      Access to the stores should be restricted.

 Test of Control:

a)      Observe physical security of inventories and environment in which they are held;

b)      test procedures for recording of inventory movements in and out of inventory.

c)      Test authorization for adjustment/write off or scrapping of inventories;

d)      Test controls over recording of inventory movements belonging to third parties;

e)      Test procedures for authorization for inventory movements, i.e., the use made of authorized goods received and dispatch notes;

f)        Inspect reconciliations of inventory counts to inventory records;

g)      Assess adequacy of inventory counting procedures and attend count to ensure they are carried out.

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