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Mktg 87124 Audit Net 468x60
Mktg 87124 Audit Net 468x60
Capital Assets Depreciation Risk Control Matrix Template

Name

Capital Assets Depreciation Risk Control Matrix Template

Description

RISKS

  • Improper safeguarding of capital assets
  • Improper valuation
  • Improper write-off
  • Lack of documentation to support capitalization
  • Asset does not exist
  • Misuse of asset
  • Improper recording of sale of asset
  • Asset is not owned by the university
  • Inventory is lost or stolen and surplus is not accounted for effectively.
  • Loss of system, building and/or records.
  • Inventory is not adequately monitored and tracking and disposal of assets is not adequate
  • Lack of a comprehensive risk management plan and a loss prevention plan
  • Fiscal controls are not adequate to ensure the safeguarding of assets
  • Funds are not expended consistent with mission, objectives, and available resources.
  • Departments do not report capital assets/controlled items that are missing or stolen or do not report this information in a timely manner.
  • Missing equipment is not reported to inventory when found.
  • Equipment is improperly removed from campus.
  • Improper transfer of assets between departments or to an agency.
  • Improper disposal of property.
  • Improper cannibalization of capital inventory items.
  • Capital assets/controlled items are acquired by university departments and are not recorded in the university's inventory system.
  • Capital assets/controlled items are acquired by university departments and are improperly recorded.
  • Significant discrepancies between inventory records and State Property Accounting records

Login to download the template with the associated controls for the above risks.

Standard (Non-IT) Audit Program

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English