Checklist DB 1
[1-1] Responsibilities for requisitioning, purchasing, and receiving inventory are separated from those of inventory record-keeping and custody.[1-2] Inventory ledger accounting is separate from general ledger functions.[1-3] Periodic physical inventories are conducted by employees independent of those with custody or record-keeping responsibilities.[1-4] Segregation of duties is maintained in electronic record-keeping systems.[2-1] Authority for purchasing decisions is clearly defined by management.[2-2] Written authorization is required for all inventory adjustments and purchases.[2-3] Sales of scrap or surplus items are reviewed and authorized by management.[3-1] Receiving reports are prepared for all incoming materials and matched with purchase orders.[3-2] Materials are only released from stock upon receiving approved requests.[3-3] Movement of inventory between departments is documented and recorded.[4-1] Inventory items, especially high-value and sensitive items, are stored securely and access is restricted.[4-2] Regular physical counts of inventory are conducted, including surprise audits, and results are reconciled with inventory records.[4-3] Adjustments to inventory records are reviewed and approved by management.
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