When preparing for your university’s inventory audit, where do you begin? What should you focus on?
Auditors will typically select a sample population of assets to be reviewed. It’s vital to ensure that the following data elements and attributes have been reviewed and are corrected if necessary prior to an auditor’s onsite arrival:
- Building location
- Responsible department
- Room number
- Tag number
- Asset description
- Year acquired
- Acquisition cost
- Estimated useful life
- Depreciation amount
- Funding source
Are you accurately tracking locations, transfers, and disposals of fixed assets by utilizing best practices?
Not confident in your ability to do this yourself? We provide the field staff, familiar with your equipment and space, to physically verify and collect pertinent data points of all qualifying fixed assets.
We can help you:
- Optimize federal cost reimbursement recovery
- Provide savings and efficiencies for internal stakeholders
- Analyze fixed assets accounting classifications and useful lives
- Comply with GASB 34/35, GAAP, and UG Financial Accounting Standards
- Ensure consistent, compliant prospective stewardship of assets
- Implement RFID tagging for significant time savings
Let’s talk prior to your university’s next inventory audit and ensure you’re compliant.