Answer: Two vehicles were deleted from the capital assets this year without proper documentation.
Trend: Lack of record-keeping for deleted assets may indicate a broader issue in asset management practices.
List: Recommend implementing a policy to retain records for all deleted assets to ensure compliance and accountability.
Finding Text
During our review of capital assets, we noted two vehicles were deleted in the current year. Management did not retain records for deleted vehicles.
Corrective Action Plan
Management will implement additional procedures when disposing of property and equipment and will perform detailed reviews of the property and equipment inventory listing annually to ensure it is complete and accurate.