HomeResourcesAudit Database Project Compliance RecommendationsPartner Did Not Track or Manage Inventory Effectively - ADS 596.3.1 - GAO’s publication Standards for Internal Control in the Federal Government

Partner Did Not Track or Manage Inventory Effectively - ADS 596.3.1 - GAO’s publication Standards for Internal Control in the Federal Government

ADS 596.3.1, “Establishing Internal Controls,” requires managers and staff to implement internal controls to safeguard assets against waste, loss, unauthorized use, and misappropriation.

In addition, GAO’s publication Standards for Internal Control in the Federal Government, pages 14 and 15, states that an agency needs to establish physical control to safeguard vulnerable assets.

The publication also states that transactions should be recorded promptly to maintain their relevance and value to management in controlling operations and making decisions.

General Recommendations

  • Develop and implement procedures to improve inventory tracking processes, including training of staff on the best practices in inventory management.

SOURCE: AUDIT REPORT NO. 7-680-11-004-P FEBRUARY 14, 2011

The recommendations are derived from audit reports of the Office of the Inspector General. The source refers to the audit report, which is available on this site as part of the Audit Database Project: an educational tool for compliance with USAID regulations.  Please see the disclaimer of this site before using recommendations.

Tags: Asset Management and Transfer

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