Inventory Questionnaire printable pdf download

Inventory Questionnaire

Internal Control Questionnaire

Question

Yes

N/A

Remarks

A university should establish policies to ensure proper accounting,

reporting, and safeguarding over inventory. Inventory records need

to be maintained to record purchases and issues from stock.

Perpetual inventory records are updated immediately and represent

the quantity on hand, unit cost, and total cost. Periodic inventory

systems record the beginning balance and are updated at the end of

each fiscal year as determined by a physical inventory.

Are policies and procedures current, in writing, and properly

approved?

Are these policies and procedures clearly stated and

systematically communicated?

Do these policies and procedures support internal control?

*Are receiving, issuing, accounting and storing responsibilities

properly segregated?

*Has management taken the appropriate steps to safeguard goods

against risk of loss by theft (e.g., goods kept in locked buildings,

rooms, or cages, access to which is granted only to authorized

personnel)?

Are inventory records reconciled (and differences explained) to

Advantage reports on a regular basis? (Current inventory is

adjusted at year-end by fiscal year-end physical counts.)

*Do departments compare quantities received against receiving

reports, etc.?

*Is material released from storerooms only on the basis of

requisitions which are approved by a responsible official of the

department?

*Is adequate provision made for obsolete and inactive items in

inventories?

Inventory Questionnaire