Stock Check

At the end of each financial year, the Head of Department/Section/Unit/Centre shall take an inventory of all assets under his/her control and ensure that the list of inventory agrees with the records in the Assets Register. This shall be certified by the Head of Department /Section/Unit/ Centre as correct and submitted to the Director of Finance not later than two weeks after the end of the financial year.

Recommendations for Write-off of Stocks

The Stock records submitted by a Department/ Section/Unit/Centre may include a recommendation that certain items that are unserviceable may be written off. On receiving a recommendation, the Director of Finance shall request the Registrar to convene a Board of Survey for the purpose of recommending the disposal of such unserviceable items.

Annual Stock-Taking

All sections of the University holding large stock of consumable and saleable items shall be expected to take stock at the end of every financial year and at such intermittent periods as may be considered necessary or directed by the Director of Finance. Such stock-taking exercise shall be carried out jointly by the Department/Section/Unit/Centre and a team of verifiers from the Directorate of Internal Audit and Directorate of Finance. On completion of the stock taking, the value of stock on hand at 31st December shall be certified by the Head of Department/Section/Unit/Centre. Original copies of certified stock-taking sheets shall be valued at cost or market value, whichever is less, and the method of valuation shall be consistent with the method employed in the previous year.