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In computer engineering, a physical configuration audit (PCA) is the formal examination of the "as-built" configuration of a configuration item (CI) against its technical documentation to establish or verify the CI's product baseline. The PCA is used to examine the actual configuration of the CI that is representative of the product ...
For example, an auditor may: physically examine inventory as evidence that inventory shown in the accounting records actually exists (existence assertion); inspect supporting documents like invoices to confirm that sales did occur (occurrence); arrange for suppliers to confirm in writing the details of the amount owing at balance date as evidence that accounts payable is a liability (rights ...
A complete CM program includes provisions for the storing, tracking, and updating of all system information on a component, subsystem, and system basis. [ 6 ] A structured CM program ensures that documentation (e.g., requirements, design, test, and acceptance documentation) for items is accurate and consistent with the actual physical design of ...
Typically, a supplier performs the FAI and the purchaser reviews the report. The FAI process usually consists of fully testing and inspecting either the first part produced by the new process or a sample from the first batch of parts. First article inspection is typically a purchase order requirement of the purchaser for the supplier to complete.
A cycle count is a perpetual inventory auditing procedure, where you follow a regularly repeated sequence of checks on a subset of inventory. Cycle counts contrast with traditional physical inventory in that a traditional physical inventory ceases operations at a facility while all items are counted. Cycle counts are less disruptive to daily ...
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Physical inventory is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked. Businesses may use ...
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