(1)
A stocktake
shall be undertaken each year to verify the existence and condition of assets
recorded on the asset register.
However, for agencies that have a large asset base, the Finance Manual may provide for stocktakes to be
undertaken on a cyclical basis so that all assets are checked at least once
every three years.
2)
Stocktakes
must be undertaken by 2 officers who are independent of the officer responsible
for the custody of the assets. A written record must be kept of each stocktake
and must be signed and dated by the officers undertaking it.
3)
All
assets which are not accounted for in the stocktake must be investigated to
determine the appropriate recovery or write-off action.
(Financial
Instructions 2005 s(57))
Stocktake of Fixed Assets &
Expendable Items
- The
Accounting Head shall nominate two stocktake
officers to undertake an annual stocktake of fixed assets and
expendable items at a specified date.
- The
stocktake officers shall physically identify each item, note its
working condition and verify its existence to the fixed assets register
and expendable items register. Details of the stocktake must be entered on
the appropriate stocktake sheets and signed by the stocktake officers.
- After
the stocktake has been completed, the stocktake officers shall
prepare and sign the stocktake report and submit it to the Accounting Head. The report shall include:
- any
items that were unaccounted;
- damaged,
obsolete or surplus items;
- other
discrepancies;
- recommendations
on fixed assets or expendable items that should be disposed off.
- Office
Managers who have custody of an asset at the time of the stocktake
shall be responsible for responding to any issues raised in the report. If
an asset has been lost while in the care of that officer, he/she shall
take appropriate measures to recover the asset.
- The
Office Manager may be surcharged if found to be responsible for the
loss of an asset.
- The
accounts officer shall update the fixed asset register after the Accounting Head has endorsed the
recommendations of the stocktake report and after any necessary write-offs have been approved in accordance with Part
14 of the Manual.