Fixed Asset Accounting System P / P: Olicy Urpose
Fixed Asset Accounting System P / P: Olicy Urpose
13.4 AUDITS
Each year, the fixed asset accountant will select several locations and visit the site to audit the fixed asset
inventory. The fixed asset accountant will take the fixed asset listing to the building and ask the
responsible person to show them each asset. The fixed asset accountant will then compare the serial
number etc. from the fixed asset listing to the fixed asset. The responsible person must resolve any
discrepancies.
Periodically, the external auditors will select several sites and test the fixed asset inventory. The auditors
will arrive with a current fixed asset listing and will expect the responsible person to locate each asset on
the listing; they will then agree the serial number and any other information from the fixed asset listing to
the actual fixed asset. The auditors will also note whether, in fact, it appears that the asset is still in use.
Please note!! Personal property belonging to an employee is NOT covered by the District insurance
policies.