Within this series, we will follow the flow of two practices: Purchasing and Shipping/Receiving, within the typical fixed asset life cycle. The procedural focus will be deliberately narrow. We are using these two stages within the life cycle as they represent control points.
By definition, a control point represents an area where audit control is emphasized in a repeatable fashion. Control points are governed by policies and are supported by stakeholders and gatekeepers.
Stakeholders are people who have overall responsibility for a life cycle activity. Gatekeepers are people who perform life cycle activities. In addition to exploring these two flows we will further define the roles and responsibilities of stakeholders and gatekeepers.