Wilmont Electronics' profit has been less than expected for the past several quarters. After an internal audit, it was determined that inventory losses have been rising over the past year, which has accounted for the majority of the profit loss. The audit uncovered the following problems:
inaccuracy in reporting receipted materials
production reporting problems
errors in physical inventory counts
lack of security in the storage of materials
high turnover of personnel
Write a memo to the general manager describing what preventive, detective, and corrective management controls (procedures and policies) should be addressed and possibly changed to correct the issues found in the audit. Write a paragraph addressing the major areas each procedure or policy should emphasize and identify each as preventive, detective, or corrective.
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