Asset Inventory Audits
University Financial Policy number 2.1.13 (Capital Assets) requires the Office of Asset Management to schedule and perform physical audits of capital assets at least every two years, as well as periodically perform unscheduled audits. The scope of the audits focus on performing a physical inventory after selecting a sample of capital assets for which an Organizational Unit is responsible, verifying inventory tags are properly displayed on the asset, the asset is in the location (building/room) identified on the capital asset listing, the asset record includes a manufacturer serial number and that University policies regarding Moveable Capital Assets are being adhered to.
Prior to the audit the Organizational Unit must verify the location, inventory tag number and serial number for each asset and submit any needed Asset Acquisition, Asset Disposition, or Replacement Tag Requests. This allows time for the Office of Asset Management to make accounting entry(s) to reflect additional acquisitions or dispositions and generate requested replacement tags.
University Financial Policy number 2.1.13 (Capital Assets) requires the Organizational Unit to make all audit finding corrections within 30 days of notification from the Office of Asset Management. In conjunction with this 30-day requirement, a follow-up audit is performed by the asset auditor to verify all corrections have been made.
Please refer to the Resources section for additional information.