Annual general report of the controller and - Parliament of Tanzania

gone in dispute which has not been resolved up to date of
this audit December 2008.
There is a risk that investment in Mwanza commercial
complex might be attached to legal proceedings which may
delay the timely realization of return on investment for the
Fund’s investment in the Mwanza Commercial complex.
9.3 Inventory Management
Inventory Management and Inventory Control must be
designed to meet the dictates of a corporations’ strategic
plan. The many changes in operations, global sourcing of
materials, and new technology, means many corporations
need to change their Inventory Management approach and
change the process for Inventory Control. Despite the many
changes, the basic principles of Inventory Management and
Inventory Control remain the same.
Although not covered comprehensively in this report but
inventory management is also an area with challenges in
our public corporations. Some few weaknesses includes lack
of proper stores, weak documentation of the stores
movements, weaknesses in the stock taking exercise such
as non invitation of external auditor and issue of stock
taking instructions as well as weak physical security for
stores.
9.4 Intangible Assets not in use at Sokoine University of
Agriculture
Our review of the list of intangible assets for Sokoine
University of Agriculture revealed that Kovis
Documentation Software and 5ACL Version 8 Auditing
Software worth TZS 33 mil procured in 2004 and 2005
respectively have never been used since then.
We further noted that both softwares were blocked by
suppliers because of the long outstanding licence fees of
about US $ 18,000. Keeping such assets idle implies that
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Office of the Controller and Auditor General PA&oBs 2007/08 175