Inventory Audit Checklist
 

A firm may conduct an audit of the firm’s inventory planning and monitoring systems. Some of the possible areas to look out for are as follows:   ON INVENTORY LEVELS 1. Is too much money tied up in your inventory? 2. Do frequent shortages in inventory occur? 3. Does an excessive inventory discrepancy occur? 4. Is there are a lot of obsolete and/or non-moving items on stock?           ON INVENTORY INFORMATION / POLICIES : 1.Does the company have realistic safety stock levels? 2.Does the company have realistic reorder point levels? 3.Does the company have realistic inventory lead times? 4.Are inventory control policies and procedures adequately documented and communicated to all concerned departments?     INVENTORY MONITORING : 1.Are inventory records kept up- to-date for all materials? 2.Are inventory records regularly verified by actual count? 3.Are incoming and outgoing materials / goods properly checked, authorized and logged in/out? 4.Are surplus and scrap items properly recorded and controlled?           Check the following links too: Supply Chain Home Supply Chain Management Supply Chain Management Courses Supply Chain Videos   Materials Management Supply Chain Management Books Supply Chain Vocabulary Supply Chain Management Articles  Online Job Links               | Sitemap | Copyright | Disclaimer | Privacy Policy | About us | Link with us | Contact us | Advertise |           | Click here to Bookmark this site | Contact here for Business collaborations |   No part of this web site may be reproduced or transmitted in any form by any means graphic, electronic, or mechanical without permission in writing from the publisher