On the day of the audit, reports are generated from the facilities data management system. All common self-storage system software offers a variety of management reports, in one form or another, and each is used for a specific purpose in the review:
- A document inspection is performed to ensure that all required documentation is present and properly completed with all required signatures, initials, etc. The report used is some type of Move-In report, or Activity report. This is a comprehensive listing of all move-ins, move-outs, and transfers for a given period. This process may also identify areas of concern with regulatory compliance.
- A “walk-through” is performed , using a Unit Status Report, which lists each storage space along with its current status (paid up through current period, overlocked, in auction status, etc.) to confirm that actual locks’ status match what is being reported.
- Every unit which is recorded as being vacant is open and inspected, to verify that the unit is clean, empty, and available for rent. Vacant Unit Report: Identifies all units that are reported as unoccupied.
- Past Due Status Report: This information is compared to the Walk-Thru Report; Indicates which tenants are in arrears, it should detail which units should be overlocked, due to have locks cut, to be auctioned, or tenants for whom gate access is terminated.
- Identify deviations from company policy using an Exceptions Report: This type of report typically lists any monetary exception to company policy with respect to rent reduction, deposits, partial payments, or any discount or credit given to a customer, and lists the employee who made the transaction. Follow up is performed to ascertain whether proper management authorization was obtained.
- A physical item count is made of all merchandise for sale, and compared to a Merchandise Inventory Report: a complete listing of physical counts of merchandise inventory for sale: locks, containers, packaging materials, etc.
- All cash on hand (cash drawer, petty cash) is counted to reconcile to Cash On Hand Report, in conjunction with Rental Agreement Review, Sales reports, and expense receipts.
- A review of policies concerning auction of unit contents is performed. What process is place once a unit reaches the criteria necessary to be auctioned? Are photographs taken? Is the unit posted on line?
- Physical Grounds Inspection: are all units accessible? Is the facility attractive and properly maintained? Are all security measures, gates, cameras, etc. in working order?