PART XIII – INVENTORY CONTROL, ASSET AND

STORES MANAGEMENT AND DISTRIBUTION

159. Receipt, and recording of goods, works and services

(1) An accounting officer of a procuring entity shall only receipt goods, works and services which
have been certified in accordance with this section and section 152 of this Act.
(2) An accounting officer of a procuring entity shall record goods, works and services received under
subsection (1) in an inventory of the procuring entity as shall be prescribed.

160. Objectives of Inventory Control, Asset and Stores Management and

Distribution
(1) An accounting officer of a procuring entity shall manage its inventory, assets and stores for the
purpose of preventing wastage and loss, and continuing utilization of supplies.
(2) To avoid unprofitable lock-up of funds, stocks shall be kept to the minimum necessary for the
efficient conduct of the procuring entities.
(3) The accounting officer of a procuring entity may employ inventory management and control
software to assist it meet the objectives of sound supply chain management.

161. Inventory, Stores and Assets Management system

(1) An accounting officer of a procuring entity shall set up an inventory management system which
shall be managed by the head of the procurement function, for the purpose of control and managing
its inventory, stores, and assets.
(2) The responsibilities for the control and management of a procuring entity's inventories, stores and
assets management shall be as prescribed.

162. Management of Inventory, Stores and Assets

(1) An accounting officer of a procuring entity shall ensure that all inventory, stores and assets
purchased are received, but shall not be used until taken on charge and as a basis for ensuring that all
procured items are properly accounted for and put in proper use as intended by the procuring entity.
(2) The head of procurement function shall arrange for occasional visits of inspection to the stores, at
least quarterly in each calendar year, and conduct quarterly and annual inventory and stock taking in
order to ensure compliance with all respective governing laws and submit the report to the accounting
officer.
(3) Stores, inventory and assets that are procured by a public entity shall not be allowed to suffer
deterioration from any preventable cause and overstocking of any particular item shall be avoided.
(4) All procured items assigned for use by a public or state officer shall be requisitioned from and
issued by the head of the procurement function of a procuring entity.
(5) An accounting officer of a procuring entity shall follow policy set out by the Cabinet Secretary
specifying the life span of each category of items before boarding for disposal.
(6) The Authority shall issue manuals and guidelines regarding all aspects of inventory, stores and
asset management.