|Fixed Asset Software: Asset Accounting and Asset Inventory Solutions
Act of 2002
Sarbanes-Oxley Compliance in Fixed
Act White Paper | Sarbanes-Oxley
Resources | Sarbanes-Oxley
Act of 2002 begins a new era in corporate governance. Strict rules
to ensure accurate financial reporting put tremendous pressure on
public companies to document all internal procedures for gathering
and reporting financial results before the fast-approaching deadlines
for compliance. Sarbanes-Oxley seeks to reduce corporate financial
fraud and mismanagement while providing reassurance to investors.
the new regulations, CEOs and CFOs must personally certify the integrity
of financial reports, as well as the procedures and systems used
to create them. Public accounting firms must also attest to the
validity of the financial reports and assessments. Both executives
and their accounting firms can be held criminally liable for accounting
inaccuracies, making the stakes higher than ever for everyone involved
in financial reporting.
is affected by Sarbanes-Oxley?
currently applies to public companies that are registered with
the Securities and Exchange Commission. Most of these companies
are headquartered in the United States, but a number of foreign
companies with significant operations in the US will also be affected.
Some aspects of Sarbanes-Oxley are already in full effect. The
requirements of Section 404 must be met by large public corporations.
private companies are not required to comply with Sarbanes-Oxley,
there are excellent reasons for them to consider its implications.
Any private company that aspires to go public will become subject
to the act upon filing a registration statement with the SEC in
anticipation of an IPO. Additionally, any company that might be
acquired by public companies or that has significant business
partnerships with public corporations will need to assess the
impact of Sarbanes-Oxley on future and current business relationships.
Many private companies are already implementing "best practice"
aspects of Sarbanes-Oxley.
private businesses, many nonprofit organizations are interested
in applying the best practices principles of Sarbanes-Oxley to
their financial procedures. Though Sarbanes-Oxley has not yet
been applied to nonprofits, failure to provide adequate visibility
into the financial management of nonprofits could result in a
similar regulatory environment being enacted in the future. Some
states are already considering this type of measure for nonprofit
fixed asset management solutions address each of the key areas of
internal control for financial software systems. The following white
paper was designed to help Best Software customers in public or
private companies and nonprofit organizations understand and document
the internal controls over fixed asset management provided within
FAS solutions, as well as explain the control procedures in place
at Best Software over development and testing of the software.
for Internal Control:
The Fixed Asset Inventory
accurate inventory of fixed assets is the core of solid financial
reporting of corporate assets. Without it, all downstream internal
controls can do nothing to resolve inaccuracies created when assets
which have been lost, stolen or taken out of services continue to
be depreciation and reported.
order to establish an accurate physical inventory of all fixed assets,
a company must ensure that the inventory is conducted using the
same method at all locations. Further, it is necessary to have solid
procedures in place for reconciling the inventory data against your
existing fixed asset records. many fixed asset managers who conduct
inventories spend tedious hours surveying corporate assets with
a clipboard, followed by re-keying the data into a spreadsheet.
companies find that bar-coding each fixed asset as it is placed
in service greatly reduces errors in ensuing physical inventories
of assets. Inventories can be conducted quickly and efficiently
using bar-code scanners.
Asset Inventory | Asset
Inventory Services | Compatible
Sage FAS Services
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NEW Sage FAS Compliance Advisor - an easy to use reporting module that makes satisfying compliance requirements a breeze! 16 comprehensive reports that integrate with Sage FAS 100, 500 Asset Accounting.
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