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Every
organisation will have its own reasons for tracking assets
whether that be due to Sarbanes-Oxley requirements,
Australia’s
CLERP 9 Act, or simply because it is good business practice to do so.
Since 2000 and collapse of several prominent companies, Corporate
Compliance and Governance have become major issues influencing
Australian businesses and governments and the Asset tracking Tool from
TIG International is a cost effective and fully auditable means of
achieving these requirements.
Sarbanes-Oxley and CLERP 9
The Sarbanes-Oxley Legislation (USA) of 2002 requires not only American
companies to implement auditable and sound governance programs, but
also the subsidiaries of these firms who may be located in countries
including Australia. The Legislation states the requirement
for
Fixed Assets to be managed throughout their life cycle involving the
physical sighting of Assets and an electronically auditable trail to
verify this process has occurred.
In his article titled “How To Dig Out From Under
Sarbanes-Oxley” (www.cio.com.au
9/8/05), Ben Worthern states “Sarbanes-Oxley compliance has
to be
treated as an ongoing process. And the only way to follow this new
process without crippling the IT department will be to automate as many
of these controls as possible”. He goes on to add
“if
the audit log can be checked (and that check documented) by a computer,
then a person doesn't have to do it” and this is where the
Asset
Tracking Tool is greatly benefiting Australian subsidiaries of large
American firms and Australian government agencies to comply with such
regulations.
Likewise, the Asset Tracking Tool aids Australian government agencies,
including the Australian Taxation Office, and many other organisations,
to manage depreciation according to Accounting Standards cited in the
Corporate Law Economic Reform Program (Audit Reform and Corporate
Disclosure) Act 2004 (also known as CLERP 9) of 2004. CLERP 9
dictates that organisations must have adequate measures, processes and
procedures in place to meet the obligations of the Act for the purposes
of auditing and company financial reporting. View Fixed
Asset
Tracking Video Clip Using Combined RFID & Bar Code
Scanner. (approximately 10 seconds).
Antiques, Artworks, and Artefacts
By employing new technologies such as Radio Frequency Identification
(RFID), not only are Fixed Assets tracked using the Asset Tracking
Tool, but antiques, artworks and other artefacts can also be easily
managed. RFID tags can be likened to electronic bar codes and
do
not require Line of Sight to be read unlike a traditional bar
code. This means art galleries and organisations with large
collections are not required to deface works of art or continually move
these items in order to scan bar codes saving both time and reducing
the risk of damage to the item. View
Artwork Tracking Video
Clip Using
Combined RFID & Bar Code Scanner
(approximately 10 seconds).
Document Tracking
Physical Document Tracking is another area where the Asset Tracking
Tool can assist organisations to locate important files and documents
such as Legal Contracts, Wills or Project Folders. View
Document
Tracking Video Clip Using Combined RFID & Bar
Code Scanner (approximately 10 seconds).
Click here to view the article "Asset
Tracking with RFID"
Got a question? Contact ask@asset-tracking.com.au
or telephone +61 2 9407 8770
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