Sarbanes-Oxley Act

Compliance with the requirements of Sarbanes-Oxley has forced most publicly owned organizations to make major changes in the manner that fixed assets are tracked and managed. Controls need to be documented, policies enforced, asset inventories performed and audit trails maintained. Historical fixed asset controls which have been adequate, at best, will simply not meet the enhanced requirements of Section 404.

Our belief is that the solution must be comprehensive. In an effort to better serve the demand for large-scale, complex fixed asset control requirements, we bundle software based asset ledger verification and reconciliation services with highly scalable asset management software. The end result addresses both near term compliance requirements and permanent improvements in asset controls.

Several elements are crucial in deploying this approach. First, we provide highly trained and experienced professionals to perform the field inventories directly on-site. This professional service foundation is coupled with an array of state-of-the-art software products and technology to automate the entire process. This results in quick and accurate data recording and analysis. Finally, a host of reporting tools reconcile field results to historic records on demand. The ultimate end product is an accurate and timely asset assessment to keep you meeting all of the demands of the new compliance rules.

To find out more about how we can assist in your compliance efforts, please complete the contact form above.

GASB 34

Asset Systems, Inc. can provide an array of services to assistance you with GASB 34 compliance, such as:

• Conduct a professional, accurate inventory of capital and expense assets.
• Establish an inventory database of capital assets for electronically creating initial depreciation data.
• Bar code label fixed assets to automate maintenance of assets long term.
• Implement AssetWIN® asset management system, providing a complete, on-going asset management system for both capital and expense assets.
• Assist in the valuation of assets, reconciling historical records, and depreciation software recommendation -- providing a turnkey automation solution.

Statement 34 of the Governmental Accounting Standards Board (GASB 34) has dramatically changed the manner in which fixed assets are to be presented on financial statements for any entity using fund accounting. During the next four years, governments, school districts and other public sector organizations must change accounting practices, and in many cases make wholesale changes in the way fixed assets are managed and reported on.

Often, historical records do not provide adequate information to comply with GASB 34, and in many instances, current procedures are woefully outdated. Therefore, many administrators and financial officers see the GASB 34 requirement as an opportunity to dramatically improve procedures and update records to state-of-of the art standards.

Personal Property Tax

In many organizations, Personal Property Taxes are viewed as a cost of doing business and little effort is expended to minimize costs. Records of the present use and whereabouts of assets are casually maintained and, as the result, returns consistently overstate the asset base.

We can assist correcting these weaknesses. The effort starts with a thorough review of current records and controls to determine the extent and magnitude of the needed correction. Next, existing data is captured to form a starting point for the effort. A field inventory is then conducted to locate and identify the status of each asset. Generally, assets are tagged with bar code labels during this process so that future inventories may be automated. When field inventory results are available, electronic comparisons are made to existing records to identify any discrepancies. Finally, working with appraisers, we will determine a value for each item consistent with appropriate valuation techniques.

While this addresses the immediate problems, most clients will implement AssetWIN, our asset management software solution. By so doing, they are equipped with the tools needed to perpetuate the accuracy of their records in the future. As returns are filed, our clients can produce accurate reports to support the asset base in each jurisdiction. Their investment will continue to pay dividends.

To find out more about how we can assist in your compliance efforts, please complete the contact form above.