[read complete report - pdf]

Audit Objective

Determine whether fixed assets were recorded and accounted for properly.

Key Findings

• The Board did not approve the disposal of assets with a book value of $4,483.
• District officials did not maintain up-to-date disposal records.
• Ten of 25 assets (40 percent) totaling $43,330 were not traced to locations.

Key Recommendations

The Board should:

• Authorize asset disposals.

District officials should:

• Maintain accurate and up-to-date asset disposal records.
• Locate all the assets identified in this report.
• Ensure all fixed assets with values that exceed the established threshold have a tag affixed identifying them as District property.

District officials agreed with our findings and indicated they plan to initiate corrective action.