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Office of FINANCIAL SERVICES

5. Stocktaking 

The effectiveness of asset control is dependent on speedy notification of thefts or losses. Frequent stock takes in Divisions and Offices reduce losses, ensure that the information in the asset record is correct and enable more rapid follow up on missing assets

5.1 Stocktaking responsibilities of the Asset Management Section

A stocktake sheet covering all capital assets and sample check of attractive items is used for Stocktake purposes. Forms used are:

Capital Asset

An annual audit of capital assets is undertaken by the Asset Management section in conjunction with asset liaison officer of the Division/Office/Department. At the completion of the stocktake, the Asset Management Section ensures that the stocktake sheets are signed and dated by the asset liaison officer responsible for the stock take.

Attractive Items

The Asset Management section undertakes a sample check once a year of these items that are maintained by the Division/Office/Department in conjunction with asset liaison officer of the Division/Office/Department.

These sample checks are included in the above Stocktaking Certificate, signed by the Division/Office/Department asset liaison officer.

5.2 Stocktaking responsibilities of Divisions and Offices

A Stocktake sheet covering all capital assets and sample check of attractive asset is provided by the Asset Management Section for Stocktake purposes. Forms used are:

5.3 It is the responsibility of the Heads of Divisions and Offices to:

  • Ensure and certify that the assets on the list supplied by the asset management unit are accounted for
  • Ensure that missing assets are noted and action is taken to locate them
  • Advise the Asset Management Section of any assets that are obsolete, unused or missing and need to be written off
  • Detail the circumstances relating to any assets declared missing (for example, steps taken to locate such assets)
  • Ensure the correctness of details of entries listed
  • Advise the Asset management section of any asset that are not included in the list of assets
  • Sign and submit to the Vice Chancellor a management representation Statement that includes the proper custody and valuation of asset under their control.

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