Internal Control Procedures For Inventory (ICPI) is a system of policies and procedures designed to ensure that businesses track and manage their inventory levels accurately. ICPI encompasses everything from selecting the right software to monitor inventory levels, to setting regular reconciliations and spot checks. It also covers physical processes like secure storage systems, cycle counts, safe handling, and other protocols designed to minimize the risk of errors and irregularities in the inventory. By implementing effective internal control procedures for inventory, businesses can ensure that value is being maintained and that losses are kept to a minimum.