AUDIT SUMM - CAP ASSETS 04

S TATE OF R HODE I SLAND-GENERAL A SSEMBLY OFFICE of the AUDITOR GENERAL AUDIT SUMMARYERNEST A. ALMONTE, CPA, CFE AUDITOR GENERAL INTEGRITY ♦ RELIABILITY ♦ INDEPENDENCE ♦ ACCOUNTABILITY ernest.almonte@oag.ri.gov JANUARY 2004 were recorded at $373 million at June 30, 2002. The State owns (or has STATE OF RHODE ISLAND acquired rights to) nearly 97,000 acres, which represents approximately 14% of CAPITAL ASSETS – SUMMARY DATA AND the State’s total land area. Buildings RECOMMENDATIONS TO IMPROVE and related improvements were $576 CONTROLS AND REPORTING million before accumulated AS OF JUNE 30, 2002 depreciation of $214 million. Other categories of capital assets include We completed a summary report Substantial effort was required to infrastructure, computer systems, highlighting key facts and inventory and value (at historical cost) all vehicles and furniture and equipment. recommendations to improve controls and capital assets owned by the state at June The report highlights certain of the reporting for the State’s significant 30, 2002 regardless of the year acquired. State’s largest capital assets in each investment in capital assets. This report This represented a significant challenge for category. emanates from our audit work performed the Office of Accounts and Control in during our Single Audit of the State for the accumulating these amounts due to the time We could not ...