Annual Re-Inventory Audit
This option is best suited for districts that have a well-maintained fixed asset perpetual inventory system. This service provides the district with qualified individuals to conduct an annual physical inventory update and to reconcile it to the perpetual fixed asset inventory reports.
- Using the district’s inventory system, Questar III auditors’ visit each location in the district comparing the perpetual inventory reports to the actual assets present. Assets that should be reported but do not appear on the perpetual inventory system are captured, including asset description, model serial numbers, location, etc. It is the district’s responsibility to determine if the asset should be included in the inventory and at what cost.
- Any assets that the Questar III team could not locate should be investigated by the district to determine their status (i.e. destroyed, moved, etc). It is the district’s responsibility to update the perpetual inventory based on the results of the Questar III team’s physical inventory observation.
- It is the district’s responsibility to reconcile any discrepancies that the Questar III team identifies between the physical inventory and the perpetual inventory system and to update the perpetual inventory system.
- COST: Varies with the size of the district (square footage of buildings) and the capitalization threshold.
As part of this service, Questar III employees will be available to consult with the district on fixed asset issues, share best practices, and provide technical assistance and training to district employees.