New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control
Part 16 - Field Audit
Section 16.17 - Property records

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 16.17

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Every State department or agency should maintain a perpetual inventory of property and equipment purchased or otherwise acquired. All items of equipment should be numbered. The detail records should show the date of purchase or acquisition of each article of property, description, quantity, cost, identification number and location. Property or equipment retired or otherwise disposed of should be supported by official authorizations.

(b) A physical inventory should be taken of the various items of property and equipment not less than once each year and a comparison made thereof with the perpetual inventory records. Any resulting differences shall be investigated.

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