Management Response and Action Plan (February 2012)
| Recommendation | Action Plan | Responsibility | Expected Completion Date |
|---|---|---|---|
| The department should develop concise asset procedures in order to provide greater clarity and consistency to asset capitalization and amortization practices. | While the department adheres to Treasury Board’s accounting standards, we will review asset capitalization processes to ensure clarity and consistency is achieved throughout the department. | Chief Financial Officer | April 30, 2012 |
| The department should develop an appropriate asset management system to manage and reconcile attractive items below the $10,000 capitalization threshold. | The department will assess the feasibility of developing an asset management system to reconcile attractive items below the $10,000 threshold,subject to materiality considerations and degree of risk. | Chief Financial Officer | August 31, 2012 |
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