Audit Templates (Standalone)

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