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Unformatted text preview: ts to its net realizable value or any loss
(or gain) upon disposal shall also be recognized as a loss (or
gain). IT Audit Manual Volume III 64 IT Audit Manual
Does the system record the value and quantity of items
shipped from the inventory organization to another
organization for which accountability has been retained by
the inventory organization until receipt by the recipient? 45. Does the system record the value and quantity of items
identified as in transit being moved from one inventory
storage location to another? 46. Does the system provide the following types of management
o C. KD Reference Unfulfilled orders?
Acceptance and rejection summary?
Item expiration/shelf life?
Cycle count? Inventory System Requirements (Inventory undergoing repair or in production function)
47. Does the system record the transfer of an inventory item from
its current status to the status of "in repair?" Does it provide
information to the core financial system to record the change
in financial category? 48. Does the system establish an allowance for repairs consistent
with the estimated annual cost of repairs if using the
allowance method? 49. Does the system identify the costs of repair activities? 50. Does the system record the transfer of an inventory item from
the status of "in repair" to its proper status and location?
Provide information to the core financial system to record the
change in financial category? 51. Does the system transfer items
unserviceable to the disposal process? 52. Does the system support the establishment (including
technical specifications and accounting classification needed
by the inventory system) of orders to be placed with a
contractor or other government entity to perform production
work on items needed? 53. Does the system project the production elements necessary to
complete the production cycle? These production elements
must reflect bills of material, manufacturing re...
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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.
- One '10