TS-FS-07
Trust & Stewardship
Financial Stewardship
CORE
Compliance
v2.9.7
Controlled asset & liability register with reconciliations/verification; annual board review of insurance, security and encumbrances
This criterion assesses the diligent maintenance of a complete asset and liability register, reviewed annually by the board. This embodies faithful stewardship (riʿāyah) over entrusted resources, ensuring financial transparency for stakeholders, mitigating risk, and safeguarding operational sustainability. The annual review culminates in a documented board attestation and an action log covering insurance adequacy, security control gaps, covenant/charge compliance, and remediation deadlines.
Assessment Questions
- Does the organization maintain a formal, complete, and up-to-date register of all its assets and liabilities?
- How frequently is the register reviewed and reconciled by management to ensure its accuracy?
- Is there a formal, documented process for the board to review the asset and liability register annually?
- Does the board's annual review explicitly cover the security, insurance, and risk mitigation strategies for major assets?
- How does the board use the insights from the register to inform strategic planning, risk management, and ensure the long-term sustainability of the organization?
- Is there maker–checker approval and an immutable change log for all register edits (including who/when/what changed)?
- When was the last monthly reconciliation to (a) nominal ledger and (b) insurer schedules, and were exceptions closed within defined SLAs?
- For property and charged assets, when was the last Land Registry title/charge check (or lender confirmation) completed and reported to the board?
Evidence Requirements
- A copy of the complete and current Asset & Liability Register.
- Board meeting minutes where the annual review of the register is a specific agenda item, showing discussion and approval.
- A policy document outlining the procedure and frequency for updating and reviewing the register.
- Supporting documents presented to the board, such as insurance policy summaries, physical security reports, or cybersecurity risk assessments.
- Strategic or financial planning documents that reference the asset register for decision-making.
- Sample Land Registry title registers (or title deeds) and up-to-date charge entries for each property.
- Lender/security trustee confirmations of charged assets and covenant compliance certificates (where applicable).
- Insurance valuation basis (e.g., reinstatement valuations) and mapping schedule linking register items to sums insured.
- System evidence: backup/restore test log or DR test report for the digital register; access review report; audit log export sample.
Scoring Guidelines
| Level | Rating | Description |
|---|---|---|
| 5 | 5/5 | Comprehensive register with excellent documentation, exception analytics, automated integrations, and board uses register outputs for covenant headroom, insurance adequacy, and strategic asset optimisation. |
| 4 | 4/5 | Complete register with maker–checker, RBAC, versioned audit trail, and monthly reconciliation to ledger and insurer schedules. |
| 3 | 3/5 | Basic register exists with named custodian, documented process, and annual board review, but lacks advanced controls like automated maker-checker. |
| 2 | 2/5 | Incomplete register with significant gaps or rarely reviewed; lacks formal reconciliation. |
| 1 | 1/5 | No formal asset and liability register or severely outdated information. |
Discussion (1)
Administrator
2026-03-07 11:07:48.245129
📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Updated islamic_references from mizan-297.json
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