YES          NO          N/A

 PART A: This Section to be completed by all applicable agencies.   

PROPERTY

 Statutory References - CGS 4-33a and 4-36

 Segregation of Duties

 1.     Are responsibilities for initiating capitalized asset transactions segregated from those for 
         final approvals that commit funds?

 2.     Are responsibilities segregated for those individuals who put away supplies from those
         who remove them?

 3.     Are responsibilities for the procurement function segregated from the project accounting 
         and property records functions?

 4.     Are physical inventories of all property taken annually by persons not involved with 
         maintaining property records?

 Procedural Controls

          Authorization:

 5.     Are those individuals who are authorized to initiate capitalized asset transactions clearly 
         identified and are the limits of their authority clearly defined?

 6.     Are guidelines with respect to key considerations such as prices to be paid, acceptable
         vendors and terms, asset quality standards, and the provisions of grants or bonds that may  
         finance the expenditures clearly established?

         Executive or Legislative Approval:

 7.     Do procedures exist for authorizing, approving, and documenting sales or other 
         dispositions of capital assets?

 8.     Do procedures exist for approving decisions regarding financing alternatives and 
         accounting principles, practices and methods?

 9.     Do procedures provide for obtaining grantor (federal/state) approval, if required, for 
         the use of grant funds for capital asset acquisitions?

10.    Are grant-funded acquisitions subjected to the same controls as internally funded 
         acquisitions?

11.   Are supplemental authorizations required, including those of the grantor agency, if 
        appropriate, for expenditures in excess of originally approved amounts?

        Asset Accountability:    

12.   Are detailed property records maintained for all land, building, equipment and 
        donated, purchased, or leased capitalized assets?

13.   Is accountability established for each asset?     

14.   Do procedures exist for the periodic inventory of documents that evidence property 
        rights (e.g. deeds, leases, and the like)?

15.   Are reviews and appraisals made periodically for insurance considerations?

 

        YES          NO          N/A

16.   Are items adequately safeguarded from loss due to fire, theft or misplacement? 

17.   Do procedures exist that ensure that materials, services and repair projects paid for by 
        capital expenditures are subjected to the same levels of controls as for all other 
        procurements (for example, receiving, approval, checking)?

18.   Are detailed property records and physical counts compared periodically and records 
        adjusted to reflect shortages?

19.   Are differences between records and physical counts investigated, reported to proper 
        authorities, and records adjusted to reflect any discrepancy?

20.   Do procedures exist to ensure that capitalized assets are adequately insured?

21.   Are the titles of sites, buildings, vehicles, etc., held in name of the proper authority?

22.   Are lease transactions subject to control procedures similar to those required for other 
        capital expenditures?

23.   Is equipment properly identified and tagged and is an inventory conducted on a 
       systematic basis?

24.   Do procedures exist for identifying and monitoring the appropriate disposition of property?

25.   Are custodians of property required to report any changes in the status thereof (i.e. 
        transfers, sales, scrapping, obsolescence, or excess)?

       General Ledger:         

26.   Do procedures and policies exist to:

        a)   Distinguish between capital project fund expenditures and operating budget 
              expenditures?

        b)   Distinguish between capital and operating leases?

         c)   Differentiate between capitalizable additions, freight, installation costs, 
                replacements and maintenance expenditures?

27.   Are accounting records promptly adjusted when capitalized assets are retired, sold, or 
        transferred?

 

        YES          NO          N/A

PROPERTY PART B: This section to be completed by those agencies that handle 
                                     project accounting.

Project Accounting:

1.     Is a qualified employee or independent firm engaged to inspect and monitor technically 
        complex projects?

2.     Are project cost records established and maintained for capital expenditure and repair 
        projects?

3.     Do reporting procedures exist for in-progress and completed projects?

4.     If construction work is performed by contractors, do procedures exist to provide for and 
        maintain control over construction projects and program billings?

5.     Is the accounting distribution reviewed to ensure proper allocation of charges to fixed 
        asset and expenditure projects?

6.     Do procedures exist to identify completed projects so that timely transfers can be made 
        to the appropriate accounts?

7.     Does the agency have the right to audit contractors' records?

8.     Is the right to audit contractor records executed during project performance?

9.     In addition to costs, is the audit of contractor records conducted in compliance with EEO,  
        Davis Bacon, and other regulations and contract terms?

 

     
     
     
     
     
     

        YES          NO          N/A

PROPERTY PART C: This section to be completed only by agencies that must
                                     depreciate assets.

Asset Accountability: All agencies' capitalized assets are now depreciated within
                                      the Core-CT system.

1.     For depreciable property:

         a)  Is the computation of depreciation reviewed by a responsible official or employee?

         b)  Are estimated lives periodically reconsidered by a responsible official or employee for 
              adequacy based on actual experience? 

2.     Do procedures and policies exist to govern depreciation methods and practices?

3.     a) If costs are expected to be charged against federal grants, are depreciation policies 
            or methods of computing allowances in accordance with the standards outlined in 
            OMB circulars or grantor agency regulations?

        b) If not, is adjusting depreciation charged to grants appropriately?

Comments:

DO NOT WRITE IN THIS BOX - AUDITORS USE ONLY

Preliminary opinion on the above Internal Control Matters:

Property

Good          Fair          Poor