Manufacturing companies, regardless of size, typically have a significant investment in capital assets. Regardless of what it is they produce, specialized machinery, tools, equipment, vehicles, etc., are used in daily operations. This is in addition to the everyday office equipment (furniture, IT equipment, etc.) used to run the business. If the company is publicly traded, […]
Businesses face many risks every day. One major risk relates to managing and deploying large amounts of money while creating value for shareholders. Business property, equipment and assets represent a significant investment of money. Management of this investment depends partly on getting the right data at the right time and in the right format to […]
When Congress passed the Sarbanes-Oxley Act, it sought to improve corporate governance of public corporations and reduce fraudulent reporting. The Act places new reporting burdens on corporations and imposes penalties for non-compliance. Chief Executives of public companies must personally certify the integrity of financial reports, as well as the procedures and systems used to create […]
Regulatory Compliance- The number 1 reason we find that our customers need to conduct a physical inventory is regulatory compliance. Compliance issues vary depending on the organization, and can include; audit, Sarbanes Oxley (SOX) compliance for fixed assets, and GASB statements 34 and 35.While the rules and regulations vary for different organizations, the core principal […]
Verasset has just completed a physical inventory and reconciliation project for a 125 year old manufacturing company. The company is publicly held and is required to conduct a physical inventory every 3 years in order to be compliant with the Sarbanes-Oxley Act (SOX). SOX compliance also requires that the companies finance officers and auditors sign […]