HomeResourcesAudit Database Project Compliance RecommendationsAsset Management and TransferAssets Were Missing, Diverted, and Sold for Profit - GAO publication Standards for Internal Control in the Federal Government, pages 14 and 15

Assets Were Missing, Diverted, and Sold for Profit - GAO publication Standards for Internal Control in the Federal Government, pages 14 and 15

The GAO publication Standards for Internal Control in the Federal Government, pages 14 and 15, states that an agency must establish physical control to secure and safeguard vulnerable assets. The publication also states that transactions should be recorded promptly to maintain their relevance and value to management in controlling operations and making decisions.

General Recommendations

  • Improve monitoring of asset distributions by (1) increasing site visits to facilities and sales points, and (2) developing a site visit template that specifically identifies areas to review during visits.
  • Develop and implement a uniform system for documenting and communicating cases of missing or diverted assets.

SOURCE: AUDIT REPORT NO. 7-680-11-004-P FEBRUARY 14, 2011

The recommendations are derived from audit reports of the Office of the Inspector General. The source refers to the audit report, which is available on this site as part of the Audit Database Project: an educational tool for compliance with USAID regulations.  Please see the disclaimer of this site before using recommendations.

Tags: Asset Management and Transfer

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