Audit Objective
Determine whether Cattaraugus-Allegany-Erie-Wyoming Board of Cooperative Educational Services (BOCES) officials maintained complete and accurate capital asset records.
Key Findings
BOCES’ capital asset records were incomplete and inaccurate. The BOCES’ purchasing agent was unfamiliar with the requirements of, and did not comply with, BOCES’ capital asset policies (asset policies).As a result, the required annual inventories were not conducted, and we were unable to locate approximately $31,000 in capital assets, which included tablets, audio equipment, tools, data storage devices and a gaming console.
In addition, we reviewed capital asset records for 130 assets with a historical recorded cost (also referred to as a purchase price) totaling approximately $133,000 and identified one or more pieces of required information was incorrect or missing from BOCES’ capital asset records. Examples of the discrepancies included:
- 130 capital assets totaling approximately $133,000 did not have their current value, salvage value or replacement cost recorded.
- 76 capital assets totaling approximately $88,000 did not identify the employee to whom the assets were issued.
- Eight capital assets totaling approximately $24,000 did not have a recorded serial or identification number.
Key Recommendations
- Maintain capital asset records that comply with BOCES’ asset policies.
- Conduct an annual physical inventory of capital assets.
BOCES officials agreed with our findings and indicated they would initiate corrective action.