Process Controls - Managing Assets: Equipment

Introduction Review and Adjust Quarterly Additions Listing Ensure Adequate Asset Stewardship Process Controls

The Departmental Administrator has responsibility for:

  • Checking the Departmental Equipment List (DEL) sent to them each quarter. Ensuring that all known additions, disposals, thefts, transfers and reassignments of assets are reflected on the list and notifying the Fixed Asset Accountant where they are not. 
  • Maintaining a list of all assets that are used outside of University premises and ensuring that all members of staff who are assigned University-owned equipment for use outside of University premises verify in writing on an annual basis that the item(s) are still in their possession and are in a reasonable condition.
  • A physical verification of all assets on the DEL is undertaken by the department on a 5 year rolling basis i.e. 20% of amounts verified each financial year.