Creation of a National Inventory Committee

February 26, 1970 REVENUE MEMORANDUM ORDER NO. 14-70 This agency is required, under Section 511 of the National Accounting and Auditing Manual, to undertake at least once a year physical inventory of all property in its custody. The requirement is held as an indispensable check on the integrity of property custodianship. To meet with this requirement, the physical stock-taking is hereby ordered of all equipment acquired by the bureau and assigned for use of its work units. The inventory shall be conducted simultaneously in all offices of the Bureau, national, regional as well as district, by committees hereinafter created. aisadc There is created for the purpose of conducting a physical inventory of equipment located in offices of the National Office, Revenue Region Nos. 6, 7 and 8, including the revenue districts and collection agent offices under them a committee to be known as the National Inventory Committee, composed of the following: Chairman Chief, Property Division Vice-Chairman Asst. Chief, Property Division Members Chief, Records Section, Property Div. Representative of the Revenue, Operations Head (Management Planning) Representative of the Revenue Operations Head (Internal Audit) Representative of Bureau Auditor For the purpose of the physical inventory of equipment located in offices of the other revenue regions including those in the revenue districts and collection agent offices under them, there is created in each of the region a Regional Inventory Committee to be composed of the following: Chairman Asst. Revenue Director Vice-Chairman Chief, Administrative Branch Members Representative of the Revenue Director Representative of the Provincial or City Auditor as the case may be. Reports of all inventory undertaken by the committees herein created must be submitted to the Chairman of the National Inventory Committee, whose committee will consolidate all such reports and prepare the final report to be submitted to the Auditor General's Office. Instructions for the actual conduct of inventory are hereto attached as annexes. The Chairman, National Inventory Committee shall issue, as he is hereby empowered to issue, such other instruction as may be necessary to carry out successfully, stock-taking herein required. The committees herein created shall be a continuing body charged with meeting the yearly requirement of a physical inventory of bureau property. For this year's inventory, however, a cut-off period is set as February 28, 1970. The regional inventory committees should submit their reports not later than May 30, 1970. The National Inventory Committee shall prepare the final report and have it ready for submission to the General Auditing Office not later than June 15, 1970. Officials charged herein to participate in the physical stock-taking of equipment are enjoined to go about the task with diligence and promptness. Laxity and delay in the performance of this duty shall be dealt with accordingly. MISAEL P. VERA Commissioner of Internal Revenue