Tips for Preparing for Your University’s Inventory Audit

November 10, 2021

preparing for your university’s inventory audit

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:

  1. Building location
  2. Responsible department 
  3. Room number
  4. Tag number
  5. Asset description
  6. Year acquired
  7. Acquisition cost
  8. Estimated useful life
  9. Depreciation amount
  10. Manufacturer
  11. 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:

Let’s talk prior to your university’s next inventory audit and ensure you’re compliant.