Need for a Robust Asset Management Business Algorithm
The Sarbanes-Oxley Act created new standards for corporate accountability pertaining to all publicly-owned and traded firms. It holds top executives accountable for the accuracy of all financial data and statements, including reported tangible assets. It requires existence of auditable internal accounting control measures and specifies adherence to new internal controls and procedures designed to ensure the validity of their financial records and physical assets. The Act presents a challenge to every manufacturing firm to have a low-cost system implemented that can produce an exact physical-asset location, existence, verification and accounting on demand. Clearly, such low-cost solutions for enterprise-wide compliance would also provide verifiable and reliable data for corporate property tax, loan collateral, and audit requirements.