Fixed assets verification procedures and safety of fixed assets in organizations: case study of Kyambogo university

Abstract

The study focused on fixed asset verification procedures and safety of fixed assets at Kyambogo University. The study was guided by three main objectives that is; to ascertain whether the existence of security personnel leads to safety of fixed assets, to ascertain whether authorization for acquisition and use of fixed assets leads to safety of fixed assets and to establish whether regular physical inspection of fixed assets leads to safety of fixed assets in Kyambogo university. The study adopted a case study design to establish and collect significant data using qualitative and quantitative approaches. A sample size of 178 respondents was selected for the study. Questionnaires and interviews were used to collect the data of the study which was analyzed using Pearson's correction and regression analysis. The findings of the study indicate that fixed asset verification procedure together with its attributes of the existence of security personnel, authorization for acquisition and use of fixed assets and regular physical inspection of fixed assets have a direct bearing on safety of fixed assets. The study indicates that fixed assets verification affects safety of fixed assets by 97 .5%. Security Personnel affects safety of fixed assets (t = 5.968) followed by Authorization for acquisition and use affixed assets (t = 3.114) and Regular physical inspection affixed assets (t = 2.277), respectively. The study recommends that fixed assets verification should be reviewed continuously in order to ensure safety of fixed assets. It can therefore be concluded that fixed assets verification procedures positively influences the safety of fixed assets.