| A.
Control Activities / Information and Communication |
| Yes |
N/A |
No |
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1. Is there a formal
organizational chart defining the responsibilities of purchasing,
receiving, recording, approving and performing the inventory? |
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2. Are there formal
written procedures for performing a physical inventory? |
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3. Is a capitalization
policy established which is consistent with Purchase and Contract
requirements and Federal rules and regulations? |
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4. Are fixed asset
records maintained that adequately classify and identify individual
items? |
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5. If there are any
missing assets, is the Missing Asset form completed? |
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6. Are assets believed
to be stolen or vandalized reported to the State Bureau of Investigation
(SBI) according to state law? |
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7. Are the Fixed Asset
System and appropriate accounts reconciled monthly? |
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8. Are construction
records adequate to accumulate costs associated with constructed
fixed assets including force (in-house) labor and materials obtained
from inventory? |
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9. Is the individual
responsible for fixed assets notified when: |
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a. assets are received? |
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b. assets are donated? |
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c. asset location
changes are made? |
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d. assets are transferred
to State Surplus Property? |
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e. assets are sold? |
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f. assets are stolen,
vandalized or stolen? |
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g. assets are reassigned
to a different organizational entity or to another agency? |
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10. Are gains or losses
properly recognized from disposals of fixed assets in proprietary
fund types and nonexpendable trust funds? |
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11. Are fixed assets
tagged when procured? |
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12. Are the fixed
asset subsidiary accounts balanced to the fixed asset control
accounts monthly? |
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13. Are property records
reconciled periodically to property accounts? |
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14. Are the beginning
balances, additions, disposals and ending balances properly reflected
in the notes to the financial statements? |
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15. Are fixed asset
additions properly valued? |
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a. Is the total
purchase price, less discount and any expenditure required
to place asset in its intended state of operation the amount
capitalized? |
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b. Does the recorded
asset cost of land purchases include: purchase price, legal
and title fees, surveying fees, appraisal and negotiation fees,
damage payments, and site preparation costs? |
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c. Does the recorded
asset cost of building include: purchase price, contract price
or job order costs plus any other expenditures necessary to
put a building or structure into its intended state of operation,
including professional fees, damage claims, cost of fixtures,
insurance premiums, interest, and related costs incurred during
the period of construction? Are maintenance costs expensed
rather than capitalized? |
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16. Are the following
duties generally performed by different people: |
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a. Custodian of
the fixed assets and taking the annual inventory? |
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b. Reconciliation
of the Fixed Asset System with the control accounts and making
entries in the Fixed Asset System? |
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c. Custodian of
the fixed assets and tagging? |
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d. Custodian of
the fixed assets and investigating the missing fixed assets? |
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e. Custodian of
the fixed assets, making entries in the Fixed Asset System
and making entries in the general ledger? |
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17. Are all asset
purchases and receipts approved by a designated person with proper
authority? |
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18. Are all disposals
of property approved by a designated person with proper authority? |
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19. If other than
the Statewide $5,000 capitalization threshold, has agency management
chosen and documented the threshold level in the Internal Policy/Procedure
Book? |
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20. Has the agency
documented the inventory level below $5,000 that will be utilized? |
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21. Are all assets
tagged? |
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22. Is someone assigned
custodial responsibility by location for all assets? |
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23. Is access to the
perpetual fixed asset records limited to authorized individuals? |
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24. Is there adequate
physical security surrounding the fixed asset items? |
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25. Is there adequate
insurance coverage of the fixed asset items? |
| Comments for section A. (please specify
question number) |
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| B.
Monitoring |
| Yes |
N/A |
No |
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26. Are the Physical
Inventory Worksheets approved by the Chief Fiscal Officer or
responsible supervisor before the fixed asset officer makes changes
to the Fixed Asset System? |
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27. Is such insurance
coverage independently reviewed periodically? |
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28. Has the Internal
Policy/Procedure Book been kept up to date with any changes in
the agency, or agency philosophy? |
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29. Is an annual inventory
taken at least annually? |
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30. Is a physical
inventory of capitalized assets and inventoried items taken each
time there is a change at a management or supervisory level that
has responsibility for the assets? |
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31. Are missing items
investigated and reasons for them documented? |
By clicking the Submit button, I do hereby certify, to the best of my knowledge,
that the answers provided in this self-assessment of internal control is
a true representation of the operations of this department.
