FMPM 324 Stocktake

Scope

This Finance Procedure sets out the procedures for the stocktake of items listed on the asset registers of the University.

Definitions

Organisational Unit

Property, Plant and Equipment

Responsibility

Stocktaking procedures are the responsibility of the Head of Organisational Units.

Procedure

At the time that an Organisational Unit conducts a stocktake, the Finance Officer - Assets Team, Financial and Business Services Office provides a report of Plant and Equipment currently held by the Organisational Unit as recorded on the Asset Registers. Organisational Units are required to:

• Undertake a complete stocktake so that the Head of the Organisational Unit can certify that a stocktake has been completed and that all items have been accounted for;

• Provide a list of missing items together with a statement on the action being taken to locate them;

• Decide whether any obsolete, unused or missing assets or assets excess to the Organisational Units operating requirements (listed in the Organisational Unit assets) should be disposed of and written off the asset register;

• Where necessary, amend the asset entries to describe and classify them more precisely;

• Advise the Finance Officer - Assets Team, Financial and Business Services Office of assets which do not appear on the stocktake reports;

• Complete the Stocktake Summary Report; and

• Forward the required documentation to the Finance Officer – Assets Team, Financial and Business Services Office.

Detailed stocktake kits (including procedures and forms) are available from the Finance Officer - Assets Team, Financial and Business Services.

Timing

Every two years, or at a time determined by the Chief Financial Officer, Organisational Units must conduct a stocktake of the Organisational Unit’s complete holdings of Plant and Equipment assets.  Organisational Units may conduct stocktakes more frequently should they choose.

Compliance

Organisational Units not complying with asset stocktakes are referred to the Audit and Assurance Unit for follow up action.  Non-compliance may also be a factor which determines the frequency of stocktakes.

Organisational Units may also be subject to stocktake by both the Audit and Assurance Unit and External Audit.

Reporting

After the Finance Officer - Assets Team, Financial and Business Services, processes the stocktake documentation it is returned to the Organisational Unit for reference by either the Audit and Assurance Unit or External Audit.

The Asset Officer prepares a summary of the University-wide stocktake outcome for review by the Chief Financial Officer.

Stocktake work papers are retained by Organisational Units for a minimum of three years.

Specimen Forms

Stocktake Kit:

• Loss and Damage Report
• Stocktake Kit Forms
• Stocktake Procedures

Related documents, legislation or JCU Statutes

Financial and Performance Management Standard 2009 (s.24)

For enquiries in relation to this Finance Procedure please contact capitalandinfra@jcu.edu.au

Administration

Approval Details

Revision History