This sample questionnaire includes a list of items to consider when reviewing an organization’s inventory management process controls.
This template provides several business activities and the related objectives for each control. Within the questionnaire, you can document the control attribute, whether the control exists, whether it was designed properly, related test procedures, whether controls are operating effectively, and more.
Example control objectives in this tool include:
- Inventory is salable or usable
- Inventory is adequately safeguarded
- Adjustments to inventory prices or quantities relate to valid price changes and physical inventory differences
- All adjustments to inventory prices or quantities are recorded accurately
- Adjustments to inventory prices or quantities are recorded in a timely manner and in the appropriate period
- Raw materials are received and accepted only if they have valid purchase orders