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Audit Objective

Determine whether fixed assets were recorded and accounted for properly.

Key Findings

• Fixed asset and disposal policies were not comprehensive or being followed.
• Out of 206 fixed assets reviewed, 64 were unable to be located, 39 were not recorded in the master inventory list, 12 did not have asset tags and four had the incorrect asset tag numbers.
• Out of 158 fixed assets listed as being disposed, 143 lacked detailed supporting documentation including either sale records or Board approval.

Key Recommendations

• Establish a threshold for inventorying and recording fixed assets and update policies to include proper sanitation and disposal of electronic devices.
• Ensure inventory records are accurate and up-to-date and periodically perform physical inventories.
• Ensure disposed assets are Board-approved, sufficiently supported with adequate disposal documentation and reported to the Board according to policy.

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