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Audit: Knox County capital‑asset records generally accurate but disposal, threshold controls need strengthening
Summary
A capital‑assets audit found about 90% accuracy in sampled records but recommended better procurement‑finance coordination, aligning Munis thresholds with policy and a revised disposal form to ensure finance is notified when assets go to surplus.
Harrison Lewis and Nathan Wallace presented the internal audit of Knox County capital assets on Oct. 20. The review sampled 98 assets (excluding the school and sheriff fleets) and found the county’s finance team maintains generally accurate records, with auditors confirming 88 items and explaining that some unconfirmed items were either inactive or legacy items converted into Munis from earlier systems.
Auditors identified one primary finding: controls around how assets are identified as capital…
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