Inventory Questions

1. Who orders your inventory? How is it documented?

What are your procedures or go signal for you to order or to ask the
management to order?
Are there any realistic reorder point levels in the Company?
Are there any safety stock levels in the Company?
Does the Company have realistic inventory lead times?
Are all incoming and outgoing materials properly documented during
transactions?
What do you do when you receive your delivery?
Who has access to documents when purchasing or receiving items?

2. Are all incoming and outgoing materials properly documented during

transactions?
After the audit, an overage or shortage occurs how do you verify or
how will you justify that error?
Do you know when will your store be audited?
What do you do in preparation of an audit?

3. What is the managements thresholds for shortage, overage, obsolete

or bad orders?
What causes an overage or shortage in your store? What do you do
about it?
Are there shortages in the stock on a regular interval?
Does the inventory contain obsolete items which are hardly used?

4. How would you know or what is your assurance that every sale is
written in the tally sheet?
Do you update your index card right after you have a sale?
How would you track the items that you write on your tally sheet?

5. Are there any slow-moving products, where do you put them?

Lyding
6. How often do you get overage or shortage?
7. Do you check or notice an error trend in specific inventories?
8. Are the records regarding the Companys inventory regularly
updated?
9. Are the inventory records verified?