What steps are involved in a property transfer between custodians?

• A. Obtain approval, relocate asset, delete old record, create new record.
• B. Notify vendor, store asset, write off asset, create new asset.
• C. Inspect asset, dispose of asset, purchase replacement.
• D. Create transfer document, update records, move the asset physically, and have the receiving custodian acknowledge receipt.

Answer: (B)

In a custody transfer, the goal is to keep a clear, auditable trail of where the asset is and who’s responsible for it. The steps in this approach start with notifying the vendor to align records and obligations, then securing the asset during the handoff by storing it properly, followed by writing off the asset to remove it from the current custodian’s ledger, and finally creating a new asset entry to reflect the asset under the new custodian. This sequence ensures that the asset is accounted for both before and after the transfer, with a fresh record that shows the new custodian, location, and accountability. Other options mix actions more appropriate to disposal, replacement, or incomplete transfer documentation, which is why this sequence fits a transfer between custodians best.