Final answer:
Requisition exception codes (REX) review and validation frequency varies by an organization's policies, often conducted quarterly to align with financial reporting and as part of internal controls. Reviews are essential for maintaining procurement integrity and preventing discrepancies.
Step-by-step explanation:
The frequency at which requisition exception codes (REX) are reviewed and validated can vary depending on the organization's policies and procedures. Generally, companies should establish a regular schedule to review and validate REX to ensure accuracy and compliance in their procurement processes. It is often a best practice to perform this review on a quarterly basis to align with financial reporting, but some organizations may do it more or less frequently depending on their operational needs, volume of transactions, or when there are significant changes in the business that could impact procurement.
Regularly reviewing REX is critical for maintaining the integrity of the procurement system, preventing errors, and ensuring financial accountability. The reviews act as an internal control mechanism to catch and correct any discrepancies, unauthorized purchases, or fraudulent activities. The specific timeline for review should be documented in the organization's internal control framework or procurement guidelines