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Self Assessment

NON-EQUIPMENT INVENTORY

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1.

Does the department’s organizational structure identify the responsibilities of ordering, accepting, approving, processing and recording of the inventory?

 

Yes   No

2.

Are policies established to ensure that inventories are not stockpiled or to prevent over-ordering?

 

Yes   No

3.

Are the following duties generally performed by different people?

 

a. Receiving and issuing of inventory and taking the physical inventory count?

Yes   No

b. Receiving and issuing of inventory and the approving of expenditures, recording transactions in the general ledger, and reconciliation of records to accounts?

 

Yes   No

4.

Does the department maintain perpetual inventory records and are all inventory items put on the perpetual inventory system?

 

Yes   No

5.

Are goods received accurately counted and examined to see that they meet quality standards?

 

Yes   No

6.

Are physical inventories:

 

a. supervised by someone independent of the custodial or record keeping functions?

Yes   No

b. recorded on permanent inventory count sheets?

Yes   No

c. reflected in the perpetual records based on the actual inventory quantities?

 

Yes   No

7.

Is there adequate physical security surrounding inventories?

 

Yes   No

8.

Are policies established to ensure that adequate provision for surplusing or disposal of obsolete and inactive items in inventory?

 

Yes   No

9.

Is a physical inventory taken at least annually?

 

Yes   No

10.

Are written instructions given and explained to all personnel involved in the physical count of the inventory?

 

Yes   No

11.

Is there a proper cut-off of receipts and issues from inventory at year end?

 

Yes   No

12.

Is access to the perpetual inventory records limited to authorized individuals?

 

Yes   No

13.

Are adjustments to inventory records approved by a properly designated official?

 

Yes   No

14.

Does management periodically check inventory reports and records?

 

Yes   No

15.

Are deviations of reports followed up by management in a timely manner?

 

Yes   No

16.

Does management periodically assess its inventory policies and procedures?

 

 

Yes   No

 

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