Inventory audit definition

Inventory audit means an examination of food invoices or other evidence of purchases to determine whether a vendor has purchased sufficient quantities of WIC food items to provide participants the quantities specified on WIC food instruments redeemed by the vendor during a given period of time.

Inventory audit means an audit of the physical properties and volumes, using standard practices and standard tank-gauging wire-line devices or another method acceptable to the Administrative Agent, of all or a portion, as determined by the Administrative Agent from time to time, of the Borrower’s Inventory, conducted by an independent consulting firm selected by the Administrative Agent.

Inventory audit means an examination of food invoices or other proofs of purchase to determine if a vendor has purchased sufficient quantities of authorized supplemental food to provide to participants the quantities specified on food instruments redeemed by the vendor during a given period of time.

Examples of Inventory audit in a sentence

• Inventory audit means the examination of food invoices or other proofs of purchase to determine whether a vendor has purchased sufficient quantities of WIC food items to provide participants the quantities specified on WIC benefits that have been redeemed by the vendor during a given period of time.

• Purchaser shall be solely responsible for all of the costs and expenses of the Inventory audit taken at the Location and shall indemnify, defend and hold harmless Seller and its affiliates from and against all such costs and expenses.

• Upon Lender’s request, Borrower shall, at the Borrower’s expense, provide to Lender an appraisal of the Collateral, including an Accounts and Inventory audit, by a third-party appraiser acceptable to the Lender in its sole discretion, provided, that so long as no Default or Event of Default has occurred and is continuing, Lender shall not request such appraisal of Collateral more than once per calendar year.

• Internal Audit Report – Property and Inventory Audits of Selected Locations Mr. Jabouin presented the Property and Inventory audit report.

• The model summary results are presented in Table 4.46 below.Table 4.46: Model Summary Source: Author (2021)Table 4.45 above shown an R square of 0.842 which can be explained that the independent variables (Cash reconciliation, Segregation of duties, Inventory audit, Cost management, and risk assessment) can explain about 84.2% of the variations of the dependent variable (financial- performance).

More Definitions of Inventory audit

Inventory audit shall have the meaning set forth in Section 2.10(a)(i).

Inventory audit means the examination of invoices or other proofs of purchase to determine whether a vendor has purchased sufficient quantities of approved foods compared to valid claims for payment.

Inventory audit means an examination of food invoices or other proof of purchase to determine if a vendor has purchased sufficient quantities of authorized supplemental food to provide to participants the quantities of food items redeemed by the vendor during a given period of time.

Inventory audit has the meaning set forth in Section 2.2(c)(i).

Inventory audit shall have the meaning set forth in Section 2.02.

Inventory audit has the meaning ascribed thereto in Section 5(B).

Inventory audit means an audit conducted over a specific period of time in order to determine whether a vendor’s claimed reimbursement for the sale of an amount of a specific food item exceeds the vendor’s documented inventory of that item.