56 does the system track accumulated costs which

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Unformatted text preview: quirements, and production time to produce or repair products. IT Audit Manual Volume III determined to be 65 IT Audit Manual No 54. Item Does the system provide financial information in the appropriate format and method to other financial management systems used by the agency? 55. Does the inventory system accept cost and other appropriate information from the agency's cost system if the agency has a separate cost accounting system to support cost accumulation by work elements, such as job order, activities, products, etc.? 56. Does the system track accumulated costs, which should include the value of direct materials, direct labour, and overhead where applicable (including standard costs and rates, if applicable) for work in process? Percentage of completion information should be used to value work in process. 57. Does the system provide features to record unit costs and prices of products and services? 58. Does the system transfer work in process to finished goods for inventory categorization and accounting purposes? 59. Does the system identify the intended location of the item and track its movement from the point of initial receipt to its final destination? 60. Does the system record identifiers, quantities, condition, location, and other elements necessary to establish physical control? 61. Does the system classify inventory items by commodity class or type to meet agency needs for management and control? D. KD Reference Inventory System Requirements (Inventory disposition function) 62. Does the system record changes in the location of the inventory items and the associated changes in the person or organization responsible for stewardship of the item? 63. Does the system record the value and quantities of items in transit from one location to another? 64. Does the system generate the appropriate financial transactions if the financial category needs to be changed to "held for repair" or "excess, obsolete, or unserviceable?" 65. Does the system verify that the customer/consuming agency order is received from...
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This note was uploaded on 10/27/2013 for the course LAW 10-100 taught by Professor Parsons during the One '10 term at Bond College.

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