Denver auditor finds capital asset tracking, fund reporting rules lacking

Colorado Politics: In a pair of reports released last week, the Denver auditor’s office found that several recommendations from previous years remained unimplemented for how the city tracks capital assets and maintains transparency over special revenue funds, primarily in one critical monitoring agency.

During the first audit from 2018, auditors noted several deficiencies with Denver’s physical inventory, which includes real estate, equipment and software. There were incorrect locations listed for assets, inaccurate descriptions, blank or incorrect identification numbers and missing records. Auditors could not locate 15 of the assets from a sample of 124.

In the update, auditors found that all affected agencies have since implemented precise location tracking for assets. However, there was an unaddressed recommendation for the Controller’s Office, which is responsible for payroll and financial reporting, to sign an annual asset certification review form. The office believed that it would be more effective to perform random checks, rather than sign off each agency’s certifications.

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