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t <br /> FIXED ASSET LIST <br /> PRIOR YEARS FINDING <br /> The Town did not have an updated fixed asset inventory list <br /> for each department, as required by Town' s by-law Article <br /> 3.4. The Town should consider standardizing the format of the <br /> i, <br /> inventory list for Town departments. <br /> CURRENT YEARS STATUS j <br /> The Town did riot implement the above recommendations. <br /> Adequate accounting records and controls are essential to the I' <br /> i, <br /> safeguarding of capital assets. Annual inventories of fixed as- <br /> sets would aid the Town in-. fa) establishing responsibility for j I <br /> i <br /> I <br /> custody of the assets, (b) insuring the adequacy of insurance <br /> r � <br /> c <br /> coverage, (c) helping to substantiate lases recoverable from in- <br /> surance, (d) forecasting capital replacement and (e) helping t <br /> identify assets in excess of the Town' s needs. A comprehensive j <br /> inventory list would include the following information: i f. <br /> 1. Quantity of items <br /> 2. Description, and location of items <br /> 3. Identification and/or manufacturer' s serial number <br /> E r <br /> i <br /> 4. Date of purchase <br /> ; C5. Gast of items and source of funding used to make the <br /> purchase <br /> 6- Present condition of the asset � <br /> 14 <br />