[read complete report - pdf]

Audit Objective

Determine whether fixed assets were recorded and accounted for properly.

Key Findings

• The District did not have a comprehensive policy for identifying and recording fixed assets.
• Eighteen fixed assets valued at $168,700 were either not recorded on the master inventory list or not properly tagged.
• The District’s inventory records of technology assets were inconsistent.

Key Recommendations

• Adopt a comprehensive policy that establishes threshold amounts for controlling inventory and procedures for maintaining fixed assets.
• Ensure all fixed assets with a value that exceeds the established threshold have a tag identifying them as District property.
• Review fixed asset records each year and ensure that they are accurate and up-to-date.

District officials agreed with our recommendations and indicated they plan to initiate corrective action.