Audit Objective

Determine whether Village of Port Dickinson (Village) officials properly recorded and accounted for capital assets.

Key Findings

Village officials did not properly record and account for all capital assets. As a result, the Village has an increased risk its assets could be lost, stolen or misused without detection.

• The Board of Trustees (Board) did not adopt a written capital asset policy or conduct periodic inventories.
• Officials did not maintain a complete and current capital asset list (asset list).
• We were unable to definitively locate and trace 32 of 35 assets reviewed to the Village’s asset list because the asset, purchase invoice and/or asset list did not contain specific identifying information, such as make, model or serial numbers.

Key Recommendations

• Develop and adopt a comprehensive, written capital asset policy.
• Maintain a complete, accurate and current inventory of all capital assets.

Village officials generally agreed with our recommendations and indicated they planned to initiate corrective action. Appendix B includes our comment on an issue raised in the Village’s response letter.