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Hi sir, after the inventory count, who can make adjustments to the inventory records ?
My textbook says : The year end inventory balance will be based on the records maintained. Therefore, the records must be complete and accurate. Hence, only an authorised individual who is independent of the count process and the warehouse, should amend the records such as the finance manager
My exam kit says : inventory sheets passed to the finance department for adjustments to be made to the records when the count is finished, is a deficiency. Because, this could result in errors because the finance department may not fully understand the adjustments to be made.
Its contradicting. So, who is the most appropriate individual who can make the adjustments ?
I suggest the adjustments should be done by the finance dept. (or at least someone independent of inventory). If adjjstments do not make sense finance personnel can presumably make use of speech, writing, Morse code, semaphores or similar to raise queries and receive answers.
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