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Unformatted text preview: ntory items? There must be a validation of
available funds prior to release of requisition orders or
purchase requests for inventory items. 12. Does the system provide for reducing or terminating
acquisitions when funds are limited or not available for new
buys? 13. Does the system identify funds used and rates of fund use by
inventory commodity? 14. Does the system calculate fund usage and project the date on
which funds will be exhausted at the current rate of usage? 15. Does the system provide on a periodic or requested basis,
the following types of management information:
Budget versus actual?
Rates of fund utilization? B. Inventory System Requirements
(Inventory Storage function)
16. Is the system integrated with the acquisition and core
financial systems to share information of items ordered,
received, in storage, and sold/issued or otherwise disposed of. 17. Does the system record information on material returned by
customer/consuming agency? 18. Does the system record information on the receipt in
sufficient detail to allow matching of receipt, purchase
order/contract, and invoice for payment purposes? Examples
of data to collect included item numbers, quantities, units of
measure, vendors, and purchase order numbers. IT Audit Manual Volume III 62 IT Audit Manual
Does the system record the date of receipt to be used for
purposes of the prompt payment and to monitor the
timeliness of placing items into inventory and the age of
inventory items? 20. Does the system provide information on items received and
accepted necessary to support the payment management
function of the core financial system? 21. Does the system differentiate between partial receipts against
an undelivered order and full receipts? 22. Does the system record items in transit and the quantities of
each if title to inventory items transfers at the point of origin? 23. Does the system record th...
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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