Mitigating Inventory Losses in Palm Oil Plantations: An Internal Control Analysis of PT XYZ
Abstract
This study aims to evaluate the internal control over supporting inventory at PT XYZ a palm oil plantation. Inventory is one of the important factors in production processes, without sufficient inventory a production cannot run optimally. However, Improperly controlled inventory can lead to losses from damaged goods that become unusable in palm oil production. Using qualitative research with a case study approach, this research conducted a literature study and interviews with relevant stakeholders to find out the causes of the loss of supporting inventory and provide recommendations on these findings. Results of this study indicate that company needs to including supporting inventory as a component in conducting risk assessment, increasing coordination between departments, using electronic systems to replace manual processes and making SOPs for risks that are currently not mitigated to avoid inventory losses in the form of damage or expiration.
Keywords: Internal Control; Supporting Inventories; Obsolescence; Palm Oil.
Downloads
References
Askhari, F. (2023). Evaluasi Pengendalian Internal Pada Siklus Pengadaan: Studi Kasus PT ABC. Retrieved from Universitas Indonesia: https://lib.ui.ac.id/detail?id=9999920528760&lokasi=lokal
Budiargo, A., Poerwanto, R., & Sudradjat. (2015). Manajemen Pemupukan Kelapa Sawit (Elaeis guineensis Jacq.) di Perkebunan Kelapa Sawit,. 221-231.
Boufounou, P., Eriotis, N., Kounadeas, T., Argyropoulos, P., & Poulopoulos, J. (2024). Enhancing Internal Control Mechanisms in Local Government Organizations: A Crucial Step towards Mitigating Corruption and Ensuring Economic Development. Economies,
Cheng, Q., Beng, W. G., & Kim, J. B. (2018). Internal Control and Operational Efficiency. 1.
Creswell, J. W. (2013). Qualitative Inquiry and Research Design : Choosing Among Five Approaches (3rd editions ed.). SAGE Publications, Inc.
Direktorat Jenderal Perkebunan Kementerian Pertanian Republik Indonesia. (2022). Statistik Perkebunan Unggulan Nasional 2020-2022.
Dulaime, W. A., & Emar, W. M. (2019). Analysis Of Inventory Management Of Laptops Spare Parts By Using XYZ Techniques And EOQ Model - A Case Study. International Journal Of Scientific & Techonology, 3766-3774.
Fei, T., Lv, S., & Ma, Y. (2023). A Study on Internal Control over Inventories—Taking Jiangxi Zhengxinchu Health Food Co., Ltd. as an Example.
Feng, M., Li, C., Mc Vay, S., & Skaife, H. (2015). Does Ineffective Internal Control over. The Accounting Review, 529-557.
Hudori, M., & Tarigan, N. T. (2019). Pengelompokan Persediaan Barang dengan Metode FSN Analysis (Fast, Slow and Non-moving) Berdasarkan Turn Over Ratio (TOR). Jurnal Citra Widya Edukasi, 205-215.
Ikatan Akuntan Indonesia. (2008). Pernyataan Standar Akuntansi Keuangan: Persediaan. PSAK 202. Jakarta: Dewan Standar Akuntansi Keuangan.
Imdieke, A., Li, C., & Zhou, S. (2023). Does the Presence of an Internal Control Audit affect Firm Operational Efficiency?.
Institute of Internal Auditors (IIA). (2017). Global Perspectives and Insights Audit Internal dan Audit Eksternal Perbedaan Peranan dalam Tata Kelola Organisasi.
Karim, N. A., Nawawi, A., & Puteh Salin, A. A. (2018). Inventory control weaknesses – a case study of lubricant manufacturing company. Journal of financial crime.
Khalida, R., & Lontoh, A. P. (2019). Manajemen Pemupukan Kelapa Sawit (Elaeis Guineensis Jacq.), Studi Kasus pada Kebun Sungai Sagu, Riau. 238-245.
Lestari, R., & Hermawan, A. A. (2023). Evaluasi Pengendalian Internal atas Aset Tetap Pada PT WAN. Owner: Riset & Jurnal Akuntansi, 3347.
Makatengteng, C., Jan, A. B., & Sumarauw, J. (2019). Analisis Sistem Manajemen Pergudangan Pada PT Timur Laut Jaya Manado. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 5924.
Romney, M. B., Steinbart, P. J., Summers, S. L., & Wood, D. A. (2024). Accounting Information System. Pearson.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business A skill-Building Approach. Wiley.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO). (2013). Internal Control – Integrated Framework.
Wilford, A. L., Bodin, L. D., & Gordon, L. A. (2020). Using the analytic hierarchy process to assess the impact of internal control weaknesses on firm performance. International Journal of the Analytic Hierarchy Process, 12(2), 203–227.
Yansi, Y., Toding, A., & Mongan, F. F. (2023). Analisis sistem Pengendalian Internal Atas Persediaan Persediaan Spare Part Pada PT United Tractors Tbk Cabang Makassar. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi).
Yin, R. K. (2018). Case study research and applications : design and methods. Los Angeles: SAGE Publications, Inc.
Zhu, P., & Song, J. (2021). The Role of Internal Control in Firms’ Coping with the Impact of the COVID-19 Pandemic: Evidence from China. Sustainability.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
