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5 - Establish Property Audit Objectives

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Pre-Award stage

Development through Deployment stage

Sustainment/Disposal stage

  1. Review the Contract
  2. Establish Property Admin Records
  3. Report Contract Deficiencies
  4. Construct a Risk Analysis
  5. Establish Property Audit Objectives
  6. Plan a PMSA
  7. Conduct a PMSA
  8. Respond to Reports of Property Loss
  9. Respond to Special Requests
  10. Dispose of property that is no longer required


Help ensure successful audit results by establishing what must be accomplished to conclude the audit. This includes appropriate, unbiased criteria for identifying defects in the property management system and justification for the auditing methods.


  • How audit objectives are used in reporting: Generally Accepted Government Auditing Standards (The Yellow Book), sections 7.09 through 7.13, “Objectives, Scope, and Methodology”
  • Types of audit objectives for internal controls and compliance: Government Auditing Standards (The Yellow Book), 2.10(b) and (c), “Performance Audits”
  • Explanation of how to set unbiased audit objectives
  • List of processes FAR 52.245-1[f]


  1. Research audit standards (see ASTM or other consensus standards)
  2. Cite references to procedures and standards for each applicable process
  3. Establish acceptability/rejection parameter for each objective using the appropriate confidence level
  4. Assign a level of significance based on risk if findings reveal a deficiency
  5. Write audit objective clearly. For example, “A receiving inspection is documented within 3 days of receipt.”

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