Full Physical Inventory & Audit
This option is best suited for districts that do not have a recent appraisal or accurate perpetual fixed asset inventory system in place. This service creates a complete and up-to-date inventory of the district assets as well as a complete appraisal for risk management purposes.
- Questar III will audit the physical inventory and appraisal performed by ASSETWORKS, formerly MAXIMUS, an asset appraisal company.
- ASSETWORKS performs the physical inventory of the district.
- Questar III auditors observe the physical inventory. Questar III staff test the accuracy of ASSETWORKS’ physical inventory to ensure that a complete and accurate inventory is conducted. This first audit test, or the “Alpha” test, is completed while ASSETWORKS performs the physical inventory. Questar III auditors visit each location in the district inspecting all assets at or above the threshold, ensuring the assets have been recorded by ASSETWORKS. Any exceptions or discrepancies identified by Questar III auditors are communicated to ASSETWORKS and reconciled with the district.
- Following the “Alpha” test, ASSETWORKS issues a preliminary report for review by Questar III and the district.
- Using the information gathered during the observation, district feedback, and the preliminary report, Questar III performs a second test to ensure that a proper fixed asset inventory and appraisal is conducted. At this time Questar III auditors return to each district location testing assets against the physical inventory report generated by ASSETWORKS. This is known as the “Beta” test. Any exceptions or discrepancies identified by Questar III auditors are reported to ASSETWORKS and reconciled with the district before a final report is issued.
- Once ASSETWORKS issues a final fixed asset inventory report, the district will be given access to ASSETWORKS’ web-based risk management and asset inventory software known as ASSETMAXX. This software allows the district to maintain its inventory online, update the system as needed, and print necessary reports based on a wide array of criteria. It will be the school district’s responsibility to maintain the perpetual fixed asset inventory system.
- COST: Varies with the size of the district (square footage of buildings) and the fixed asset 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.