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(24) <br />FIXED ASSETS <br />The inventory for fixed assets has been remiss for <br />several years. Our account- <br />ants started work on the problem in January, 1975, <br />and have now completed a <br />very good inventory system. The building of this <br />system represents a very <br />important and time consuming task. Several physical <br />inventories have now been <br />taken, and the records are current and complete. <br />All changes occuring during <br />r <br />year 1.975-76 have been analyzed and documented completely. <br />All that is lacking <br />Is a formal written policy and procudure, and this <br />is being prepared at this <br />time. <br />As a final note, your audit was conducted during a <br />time when all accounting <br />systems were being developed and were incomplete. <br />We considerlthat the <br />records available to your auditors at the time of <br />their recent audit were a <br />significant improvement over those found during prior audits by your office. <br />o <br />NOV 171976 <br />97 282 <br />