Procurement lead time procurement cycle requirements

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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: o o o o o o o o Demand? Procurement lead-time? Procurement cycle? Requirements? Assets? Available funds? 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 No 19. Item 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.

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