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MOST COMMON FINDINGS AND RECOMMENDATIONS

Inventory

1. Maintaining accurate and current departmental inventory records.

2. Performing periodic inventory counts, and reconciling physical counts to perpetual inventory records.

3. Ensuring physical inventory counts are verified by an independent party.

4. Reporting year end inventories to Accounting Services for inclusion on financial statements.

5. Maintaining adequate security over inventories and ensuring unnecessary personnel do not have access to inventories.

6. Establishing inventory order quantities and re-order points with appropriate management input.

7. Enhancing the information system controls for inventory management systems.

8. Ensuring inventories of controlled substances maintained in a lab which are not intended for use are properly disposed of.

9. Confirming the ending inventory of saleable tickets prior to their disposal.

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