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Annual Report 2007–08

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Assets management

The department tasked its internal audit contractor to review asset management policy during 2007–08, together with a post-implementation review of the new Financial Management Information System (FMIS) software.

The recommendations made by internal audit lead to a redrafting of asset management policy. Procedures around stocktake reporting were clarified and the recording of acquisitions and disposal transactions through the general ledger and assets module of the FMIS were revised. A new Portable and Attractive asset class (non-capitalised) was established.

The department completed a stocktake of all furniture and IT assets during 2007–08.

The department completed a desk-top valuation exercise for Infrastructure Plant and Equipment Assets during 2007–08 as part of the checklist process for possible asset impairment. There were no material impairment adjustments required as a result of changes in market values.

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