SUBSECTION 3.1.2.1
GENERAL

3.1.2.1.1

Purpose

Effective Date:

July 1, 1998

These procedures represent the minimum standards to be met by each state agency.

3.1.2.1.2

Inventory Responsibilities

Effective Date:

July 1, 1998

The agency head and the designated inventory officer(s) are responsible for implementing the inventory policies and procedures. Included in this responsibility is the necessity of selecting appropriate inventory accounting methods from acceptable alternatives (refer to Subsection 2.2.4.4); developing and implementing procedures to safeguard, control, and account for the inventories; planning, conducting, and reconciling physical inventories with inventory records; documenting selected inventory methods; documenting physical inventory procedures; and performing other duties necessary to account for and report inventories.