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- Our director for programme 7 is currently appointed to the different department and starting by the 1st of August to his new Job, however, he wants to utilize the assets that he is currently using now, which is the Laptop and the Monitor.Is there a way or any documents need to be completed for such process?
- Asset transfers are realized when assets are transferred from one Public Entity to another Public Entity through a Section 42 transfer certificate. Such assets must be recognized in the asset register and subsequently recorded in the financial statement as non-cash additions
- What is that?
- Yes, there is a way, which is through completing the Section 42 Transfers.
- That sounds Good, this is exactly what we need. So, what is the process for this section 42?
- The Delegated authorities who are signature are required to approve such process are: • Recommendation from Head of Supply Chain (Transferring) • Chief Financial Officer to recommend (Transferring) • Approve: Accounting Officer (Transferring) • Approve: Accounting Officer (Receiving)
- Who else can approve these documents?
- Ok, let me tell you. When Assets Liabilities of a Department are transferred to another department or institution in terms of legislation or following a reorganization of functions, the AO for the transferring department must • Draw up an inventory of such assets and Liabilities, and • Provide the AO for the department or other institution with substantiating records, including personnel records of staff to be transferred. Both the AO for the transferring and the AO for the receiving department or other institution must sign the inventory when transfer takes place. So, when I referring to AO, those are the Accounting Officers for exchanging Departments.
- Yes, that is 100% correct. The AO for the transferring department must file copy of the signed inventory with the relevant Treasury and the Auditor-General within 14 days of the transfer. These documents include: • Annexure A: Asset Register • Annexure B: RR032 Report • Section 42 with the Certificate and completely signed. • Transfer Submission
- Ohw, I get it, so the must be an agreement between two parties and the receiving party will be responsible for the asset afterwards?
- The control structure needed within the Department in relation to moveable asset management is an essential element of good corporate governance and is a necessary precursor to effective implementation of moveable asset management principles. It consists of the systems, processes and procedures established within the Department to ensure that the Departments plans, and objectives are implemented.
- I have a query regarding giving my assets to another official. I want him to be responsible for the asset as soon as I give them to him. What is the process for this to happen?
- That is easy, when a need arises to move an asset, either permanently or temporarily, the Department’s movement process must be followed: • By completing a movement template. • Copy and paste all content and table into the body of your e-mail and complete the necessary fields. Which are name and Surname of both Officials, Location, and the Description of an Asset. • When the email is sent the receiving official must “Accept” to confirm His or Her ownership of the specific asset.
- That is simpler than I thought. I am sure there is a way on how you guys make sure these assets are safely controlled or guided.
- Yes, all departmental assets are public property and must be looked after in a manner that protects the public investment. Assets remain the responsibility of the Asset Management Unit until such time as ownership is transferred. Safeguard of Assets includes: • Barcoding: To exercise management control over all assets. • RR032 (asset list): When assets are assigned to a specific location, an RR032 must be compiled and signed off by the official taking over the assets.• Movement of assets • Pool equipment: In the case of temporary transfer (pool equipment), the appointed asset controllers will be responsible for maintaining a register in respect of the movement between officials. • Physical asset verification: A full-on annual physical asset verification count will be conducted before the end of the financial year. • Asset controllers: Asset controllers are appointed annually for a financial year
- Wow that seems to be safe, well Thank you for this information.
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