Question
What are common audit recommendations on Equipment?
Answer
Separation of Duties
- Separate the duties so that the equipment inventory custodian does not perform or verify the physical inventory.
Documentation
- Tag equipment when received.
- Establish procedures for checking out equipment removed from University facilities,
- Complete the Equipment Inventory Form 1024 when equipment is surplussed.
Reconciliation and Reviews
- Perform timely physical inventories.
References
Administrative Policy Statement 61.1 Equipment Inventory Management
Administrative Policy Statement 61.8 Construction Capitalization
faqtype
Standard