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ILRI Ethiopia: Fixed assets verification

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We are planning to conduct fixed assets verification from June 22, 2015 to July 24, 2015 for assets with original cost ≥ US$500. We kindly request your usual cooperation on availing yourself and the items upon requested by the verification team. The verification team will be comprised of a verification officer to be assigned by the budget holder, and representatives from Finance units. We also request budget holders to assign someone from your unit who is capable of working as verification officer.

Reference to ILRI’s Asset Management Policy – Policy on Management of tangible fixed assets, the verification is going to be conducted in the following manner:

  • Finance will produce the physical Asset Listing of the assets in each location from the latest data held in the Fixed Assets register.
  • Each Budget Holder must appoint a Verification Officer who will work with Finance staff.
  • The verification team will use a listing from the Asset Register. This listing will be printed for each location and include the following information :
    • Asset Tag #
    • Make and model
    • Serial Number
    • Custodian Name and ID
    • Condition
  • Those verified correct will be ticked and any differences will be duly noted. The leader of the verification team signs the form once completed.
  • The custodian must sign on the verification sheet once the verification team has checked the existence of the asset and the accuracy of the information
  • Proper investigation will be done to find out the reason and proper documentation needs to be filled if that has not been done.
  • Finance prepares a report at the end of the count highlighting all variations and the results of the investigations.
  • Adjustments to the Asset Register are approved as per the Authorization policy and documented through the “Asset Information Change Form. If the findings are at an unacceptable level, corrective action must be taken to investigate and reconcile differences if the physical assets counted vary from recorded assets. This investigation may have to be carried out by the Internal Audit and recommendation given approved by the Budget Holder and DCS.