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Office of FINANCIAL SERVICES

3. Responsibilities for asset management

All officers who are involved in purchasing, disposal, using, keeping and managing assets should be aware of, and fully understand, their responsibilities in the control and management of assets.

In accordance with the provisions of the Public Finance and Audit Act, officers of the University (Accounting Officers) are responsible for the efficient, effective and economical use and safe keeping of the University's assets and can be held legally responsible for any loss, damage or misuse of such assets.

3.1. Responsibilities of Head of Division/Office

The responsibilities of the head of each Division/Office include the following:

  • To ensure compliance with the University's policy.
  • To supervise the overall management of assets that are under the control of the Division/Office concerned.
  • To provide a Management Representation Statement covering asset management at the end of the financial year
  • To ensure all items not on campus are returned to the University's control when an officer leaves the service of the University.
  • Nominate an asset liaison officer(s)

3.2. Responsibilities of Asset Liaison Officers in a Division/Office/Department

Asset liaison officers in a Division/Office/Department have the following responsibilities:

  • To match assets received with a purchase requisition, purchase order and stores delivery advice.
  • To ensure assets received are in good working order.
  • To advise the Asset Management Section not later than 14 days after every second month of details of assets transferred, written off or sold. Use the Asset Data Form (Excel). To advise the Asset Management Section fortnightly, within 5 working days on the serial number, location and custodian of all capital assets on the electronic list, and any capital assets received whether by transfer, purchase, donation or construction not on the electronic list provided. Use the Asset Data Form (Excel).
  • To ensure assets are readily available for stocktaking purposes and to assist with the stocktaking.
  • To ensure that assets are readily identifiable and records are kept of unique identifying numbers.
  • To ensure assets are adequately secured. The level of security required varies for each asset, depending on such factors as asset type, value, attractiveness and portability.
  • On completion of an individual’s service with the University, to ensure the return of all University items to the Division/Office concerned.

3.3 Responsibilities of Asset Management Section

  • To maintain the University's asset recording system for capital assets
  • To email to Division/Office on bimonthly basis an Asset Data Form (Excel) to collect asset information on transfers, write off and sale on capital assets. To follow up on response within 14 working days.
  • To email to Division/Office fortnightly, an Asset Data Form (Excel) listing purchases for the last fortnight and follow up response within 5 working days on serial number, location and custodian of capital assets.
  • To provide reports to the University Executive.
  • To undertake, in conjunction with asset liaison officers of each Division/Office, regular stock takes of capital assets and ensure Stocktake sheets are signed by the asset liaison officer. Complete Stocktake of all capital assets are conducted on an annual cycle.
  • To provide on-going training to appropriate Division/Office staff on the maintenance of attractive assets carried out by them
  • To carry out a sample check of attractive items maintained by Divisions/Offices and ensure their inclusion in stock take certificate.
  • To provide two copies of a list of capital asset to Heads of Division/Offices in December for their review and confirmation. The last Stocktake date will be recorded against each asset. Heads of Divisions/Offices are required to sign and return one copy to the Asset Management Section, not later than 5 working days after the financial year ended 31 December. Any further additions, deletions and amendments should be included on the copy returned to Asset Management. This process is to facilitate the signing and return of the Management Representation statement to the Vice Chancellor, as required for external audit purposes.

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