Effective inventory management is the backbone of operational success, and this Inventory Management Process Controls Questionnaire is your key to mastering it. Designed to help organizations evaluate and strengthen their inventory controls, this questionnaire provides a clear roadmap for identifying inefficiencies, mitigating risks and ensuring compliance with industry standards. By addressing critical areas such as inventory accuracy, safeguarding, valuation and record-keeping, it empowers businesses to optimize processes, reduce waste and maintain financial integrity. Whether you're aiming to refine existing practices or implement new ones, this tool offers actionable insights that drive tangible improvements.

The tool is divided into two samples. Sample 1 focuses on assessing the effectiveness of controls across the entire inventory lifecycle, from receiving materials and production costing to shipping finished goods and reconciling records. It emphasizes precision, timeliness and compliance in every process. Sample 2 takes a deeper dive into procedural aspects, covering topics like policy documentation, physical inventory safeguarding, stocktaking and system controls, with targeted questions that help identify gaps and recommend corrective actions.

Sample questions include:

• Is there a policy and procedures document for the inventory management system? If yes, inspect the document. Is it communicated to the staff responsible for inventory management?
• What controls are in place to prevent unauthorized access to the physical inventory?
• What is the procedure for returning goods to the supplier?
• Who records goods returned by customers in the inventory perpetual system?