Office of the State Controller Self-Assessment of Internal Controls Capital Assets Cycle Objectives and Risks Agency ____________________________ Year-End _________ Objectives Risks All capital asset transactions are initiated by Fictitious purchases or payments to authorized individuals in accordance with contractors or suppliers, with or without established criteria. kickbacks to employees. Purchases from vendors whose interests are in conflict with the organization. Purchases of unnecessary assets. Disposal or scrapping of serviceable assets. Purchases of assets which do not meet established quality standards. Advance approval is obtained for all significant Unauthorized purchases, construction capital asset transactions. contracts or leases with companies or individuals related to executive or legislative representatives. Purchases from related parties without the knowledge of senior officials. Delay or cancellation of a project due. Expenditures in excess of originally approved amounts without review and approval. Adequate project cost records are maintained, Actual costs that exceed projected and in progress and completed project reports amounts. are issued. Overpayments to contractors. Misclassification of costs between capital and operating budgets.
Office of the State Controller Self-Assessment of Internal Controls Capital Assets Cycle Objectives and Risks Agency ____________________________ Year-End _________ Objectives Risks All capital asset transactions are initiated by authorized individuals in accordance with established criteria. Fictitious purchases or payments to contractors or suppliers, with or without kickbacks to employees. Purchases from vendors whose interests are in conflict with the organization. Purchases of unnecessary assets. Disposal or scrapping of serviceable assets. Purchases of assets which do not meet established quality standards. Advance approval is obtained for all significant capital asset transactions. Unauthorized purchases, construction contracts or leases with companies or individuals related to executive or legislative representatives. Purchases from related parties without the knowledge of senior officials. Delay or cancellation of a project due. Expenditures in excess of originally approved amounts without review and approval. Adequate project cost records are maintained, and in progress and completed project reports are issued. Actual costs that exceed projected amounts. Overpayments to contractors. Misclassification of costs between capital and operating budgets.
NCOSC_Risk_Assessment2009ICQ_SAUCC.docx