2008-07 Property Accounting Department and University Services Audit of Property Stewardship

PROPERTY ACCOUNTING DEPARTMENT AND UNIVERSITY SERVICES AUDIT OF PROPERTY STEWARDSHIP THE UNIVERSITY OF NEW MEXICO Report 2008-07 September 29, 2008 Audit Comite Members Raymond Sanchez, Chair John M. “Mel” Eaves, Vice Chair Carolyn Abeita Audit Saf G. Christine Chavez, Audit Director Yvonne Cox, Internal Audit Manager Avedona Lucero, Senior Auditor _____________________________________________________________________________ CONTENTS EXECUTIVE SUMMARY .......................................................................................................... 1 INTRODUCTION......................................................................................................................... 2 BACKGROUND ......................................................................................................................2 PURPOSE................................................................................................................................. 3 SCOPE ...................................................................................................................................... 3 OBSERVATIONS, RECOMMENDATIONS AND RESPONSES.......................................... 4 INVENTORY TRACKING PROCESS ................................................................................... 4 Annual Physical Inventory............................................................ ...