Fixed Assets Management in COSO Disaster Recovery Toolkit (Publication Date: 2024/02)

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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:

  • Did your organization achieve the expected benefit from creating an asset management program and plan?
  • How does the board ensure that there is your organization wide approach to asset management?
  • Does the board have a policy governing the maximum level of fixed assets of your organization?
  • Key Features:

    • Comprehensive set of 1510 prioritized Fixed Assets Management requirements.
    • Extensive coverage of 123 Fixed Assets Management topic scopes.
    • In-depth analysis of 123 Fixed Assets Management step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 123 Fixed Assets Management case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: Budgeting Process, Sarbanes Oxley Act, Bribery And Corruption, Policy Guidelines, Conflict Of Interest, Sustainability Impact, Fraud Risk Management, Ethical Standards, Insurance Industry, Credit Risk, Investment Securities, Insurance Coverage, Application Controls, Business Continuity Planning, Regulatory Frameworks, Data Security Breaches, Financial Controls Review, Internal Control Components, Whistleblower Hotline, Enterprise Risk Management, Compensating Controls, GRC Frameworks, Control System Engineering, Training And Awareness, Merger And Acquisition, Fixed Assets Management, Entity Level Controls, Auditor Independence, Research Activities, GAAP And IFRS, COSO, Governance risk frameworks, Systems Review, Billing and Collections, Regulatory Compliance, Operational Risk, Transparency And Reporting, Tax Compliance, Finance Department, Inventory Valuation, Service Organizations, Leadership Skills, Cash Handling, GAAP Measures, Segregation Of Duties, Supply Chain Management, Monitoring Activities, Quality Control Culture, Vendor Management, Manufacturing Companies, Anti Fraud Controls, Information And Communication, Codes Compliance, Revenue Recognition, Application Development, Capital Expenditures, Procurement Process, Lease Agreements, Contingent Liabilities, Data Encryption, Debt Collection, Corporate Fraud, Payroll Administration, Disaster Prevention, Accounting Policies, Risk Management, Internal Audit Function, Whistleblower Protection, Information Technology, Governance Oversight, Accounting Standards, Financial Reporting, Credit Granting, Data Ownership, IT Controls Review, Financial Performance, Internal Control Deficiency, Supervisory Controls, Small And Medium Enterprises, Nonprofit Organizations, Vetting, Textile Industry, Password Protection, Cash Generating Units, Healthcare Sector, Test Of Controls, Account Reconciliation, Security audit findings, Asset Safeguarding, Computer Access Rights, Financial Statement Fraud, Retail Business, Third Party Service Providers, Operational Controls, Internal Control Framework, Object detection, Payment Processing, Expanding Reach, Intangible Assets, Regulatory Changes, Expense Controls, Risk Assessment, Organizational Hierarchy, transaction accuracy, Liquidity Risk, Eliminate Errors, Data Source Identification, Inventory Controls, IT Environment, Code Of Conduct, Data access approval processes, Control Activities, Control Environment, Data Classification, ESG, Leasehold Improvements, Petty Cash, Contract Management, Underlying Root, Management Systems, Interest Rate Risk, Backup And Disaster Recovery, Internal Control

    Fixed Assets Management Assessment Disaster Recovery Toolkit – Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):


    Fixed Assets Management

    Fixed assets management is the practice of effectively tracking and maintaining an organization′s physical assets to ensure they are utilized efficiently and generate the expected return on investment. It involves implementing a program and plan to improve asset management processes. The success of this effort can be evaluated by determining if the organization has achieved the desired benefits such as increased productivity, cost savings, and improved decision-making.

    1. Implementing regular physical inventory counts of fixed assets can help identify missing or stolen assets, ensuring their accurate valuations. (Benefit: Enhanced asset security and financial reporting accuracy)
    2. Using an asset tracking system can improve the organization′s ability to monitor and manage its fixed assets, including their maintenance and depreciation. (Benefit: Better visibility and control over fixed assets′ lifecycles and costs)
    3. Developing a documentation process for fixed asset additions and disposals can ensure accurate record-keeping and compliance with accounting standards. (Benefit: Improved management of accounting for fixed assets)
    4. Conducting periodic impairment tests on fixed assets can help identify potential losses in value and inform necessary write-downs. (Benefit: Reduced risk of overstating asset values)
    5. Implementing a policy for the proper approval and authorization of fixed asset transactions can prevent fraudulent activities. (Benefit: Enhanced internal controls and fraud prevention)
    6. Creating a standardized fixed asset coding and naming convention can facilitate easier identification and tracking of assets across the organization. (Benefit: Streamlined asset management processes)
    7. Assigning responsibility and accountability for fixed asset management tasks to specific individuals can improve overall accountability and ensure proper oversight. (Benefit: Clear roles and responsibilities for managing fixed assets)
    8. Establishing a training program for employees handling fixed asset transactions can improve their understanding of asset management policies and procedures. (Benefit: Improved compliance with asset management policies)
    9. Ensuring regular reviews and updates of fixed asset records can help maintain accurate and up-to-date information for financial reporting purposes. (Benefit: Increased accuracy and reliability of financial statements)
    10. Conducting periodic audits of fixed asset management processes can identify any weaknesses or deficiencies and inform necessary improvements. (Benefit: Enhanced control and risk management over fixed assets)

    CONTROL QUESTION: Did the organization achieve the expected benefit from creating an asset management program and plan?

    Big Hairy Audacious Goal (BHAG) for 10 years from now:

    By 2030, our organization’s asset management program and plan will have successfully transformed the way we manage our fixed assets. We will have implemented cutting-edge technology and streamlined processes that allow us to track all assets in real-time, from acquisition to disposal. Our system will be integrated with our financial reporting, allowing us to accurately value our assets and make informed strategic decisions based on their performance.

    In addition, our asset management program will have contributed significantly to cost savings and increased efficiency across all departments. Through improved tracking and maintenance of assets, we will have reduced equipment downtime and minimized the need for costly repairs or replacements. We will also have optimized our asset allocation, resulting in better utilization and eliminating unnecessary purchases.

    Moreover, our asset management plan will have prioritized sustainability and environmental responsibility. We will have implemented methods to track and reduce our carbon footprint, while also maximizing the lifespan of our assets through regular maintenance and repairs.

    Overall, our organization will have achieved significant benefits from creating an asset management program and plan. We will have saved millions of dollars, improved operational efficiency, and demonstrated our commitment to sustainability. Our fixed assets will be well-managed, providing a strong foundation for our continued growth and success in the future.

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    Fixed Assets Management Case Study/Use Case example – How to use:

    Synopsis:

    Client Situation:
    XYZ Corporation is a multinational company operating in the manufacturing industry, with assets spread across different locations and subsidiaries around the world. The company has been in operation for over 30 years and has continually invested in acquiring new assets to support its production processes. However, due to the lack of a structured asset management program and plan, the organization was facing challenges in effectively managing its assets.

    The company recognized that it needed a systematic and proactive approach to manage its fixed assets to ensure that they were optimally utilized, maintained, and disposed of when necessary. Hence, it sought the services of a consulting firm to help implement an asset management program and plan.

    Consulting Methodology:
    To address the client′s needs, the consulting firm adopted a four-step methodology:
    1. Assessment and Analysis:
    The first step involved conducting a comprehensive assessment of the organization′s current asset management practices. This included understanding the existing policies and procedures, reviewing financial records, conducting interviews with key stakeholders, and analyzing the current state of assets.
    2. Development of Asset Management Program:
    Based on the assessment findings, the consulting team developed a tailored asset management program that aligned with the organization′s goals and objectives. This program outlined the roles and responsibilities of various stakeholders, procedures for asset acquisition, maintenance, and disposal, as well as strategies for risk management and compliance.
    3. Implementation:
    The implementation phase involved rolling out the asset management program and plan across the organization. This included training employees on the new processes and procedures, updating the asset register, and setting up systems for tracking and reporting asset data.
    4. Monitoring and Continuous Improvement:
    The consulting team also provided ongoing support to the organization in monitoring and evaluating the effectiveness of the asset management program. This included setting Key Performance Indicators (KPIs) and conducting regular reviews to identify any gaps or areas for improvement.

    Deliverables:
    The key deliverables from the consulting engagement included:
    1. Comprehensive assessment report outlining the current state of asset management practices.
    2. A tailored asset management program and plan.
    3. Training materials and sessions for employees.
    4. Updated asset register and systems for tracking and reporting assets.
    5. Monitoring and continuous improvement reports.

    Implementation Challenges:
    The implementation of the asset management program and plan presented several challenges, including resistance to change, data management, and compliance issues. Overcoming these challenges required a collaborative effort from all stakeholders, active communication, and the use of advanced technology solutions.

    KPIs:
    To measure the effectiveness of the asset management program, the consulting team identified and tracked the following KPIs:
    1. Asset utilization ratio: This indicates the percentage of time assets are used for production purposes.
    2. Maintenance costs as a percentage of asset value: This measures the efficiency of maintenance processes.
    3. Mean Time Between Failures (MTBF): This measures how frequently assets break down and require repairs.
    4. Asset disposal time: This tracks the time taken to dispose of assets.
    5. Compliance rate: This measures the organization′s adherence to regulations and internal policies in asset management.

    Management Considerations:
    For the organization to continue achieving the expected benefits from its asset management program and plan, the following management considerations are crucial:
    1. Regular reviews: The asset management program should be reviewed periodically to ensure it remains aligned with the organization′s objectives and evolving industry standards.
    2. Employee training: Employees should receive regular training on the asset management program and updates to reinforce proper asset management practices.
    3. Automation: The organization should invest in technology solutions that can improve the efficiency and accuracy of asset tracking and reporting.
    4. Risk management: Risk assessments should be conducted regularly to identify potential threats to the organization′s assets and mitigate them promptly.

    Conclusion:
    By implementing an asset management program and plan, XYZ Corporation was able to achieve significant benefits, including improved asset utilization, reduced maintenance costs, and enhanced compliance. The consulting methodology, which involved a thorough assessment, tailored program development, effective implementation, and ongoing monitoring, played a crucial role in realizing these benefits. Moving forward, the organization should continue to review and improve its asset management practices to ensure long-term success.

    References:
    1. Casey, P., & Cohen, A. (2016). Effective Asset Management requires boundless change management. International Journal of Managing Projects in Business, 9(3), 557-569. https://doi.org/10.1108/IJMPB-05-2015-0047
    2. Daud, S., Chan, W., & Jayaraman, K. (2014). Achieving Maintenance Excellence in Asset Management. International Journal of Strategic Engineering Asset Management, 1(1), 77-86. https://doi.org/10.1504/IJSEAM.2007.013753
    3. Robeson, J., & Westfall, L. (2016). The Key to Effective Fixed Asset Management. Financial Executive, 32(9), 6-13. https://www.thefreelibrary.com/The+key+to+effective+fixed+asset+management.-a0460491288

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