University Audit

Property and Assets

Examples of controls to reduce the risk of fraud or inappropriate purchases:

  • Property items, especially computers and desirable equipment, are physically secured.
  • When an employee resigns or transfers, the unit makes sure system access is removed, property is on-hand, keys are turned in, and lock combinations and security codes are changed.
  • Management has approved all property taken off-campus.
  • A thorough search is made for all property during the annual inventory.
  • For auxiliary operations, items for sale are physically counted each year and compared to inventory records.
  • Disposal of any property purchased with any source of university funds, tagged for inventory or not, must follow UCF Regulation 7.302, Surplus Property