What is your opinion on this statement in terms of the objectives of a good equipment inventory control system?

The objectives of a good inventory control system is to ensure that quantities received are accurately recorded, accounted for unit used stored in an accessible manner and kept safe from loss due to theft, damage and deterioration. This objective includes maintaining a perpetual inventory system where all items received and withdrawn are recorded. The entity needs accountability for supplies, materials and equipment. To reduce fraud this includes inspection upon receipt and separation of duties from the employees who receive the supplies and those who order it. To maintain control over withdrawals there should be documentation such as work orders. To reduce loss due to pilferage and deterioration depends on the item but the entity should have effective physical control over supplies and equipment to reduce it. The objectives includes taking periodic physical inventories to check on the effectiveness of the other elements of inventory management. To avoid running out of supplies needed the entity should establish stock reordering points for each item. The final objective is creating managerial reporting and performance measurements for evaluating the control system overall.