The Department of Transportation Inspector General released a study on managing capitalized equipment last week citing lack of proper internal controls. This week on ALN Th@3 pm ET, we are discussing the ISO 55010 document on alignment between financial and non-financial management to improve internal controls. See more below in People and Sources. In Ideas, learn more about the short survey on the impact of Asset Management in your organization or region.
The Andrew James Advisory Group provides training and consulting services for organizations focused upon the application and use of ISO 55000.
People
Richard Culbertson, ALN Board of Directors Member and ALN Senior Fellow, has spent a career focused on asset management, internal controls, and fiduciary responsibility through 40 years at Lockheed Martin and more than 20 years volunteering with ASTM, ISO, NPMA, and other standards-focused non-profits. Mr. Culbertson was a critical participant in the ISO 55010 document that provides guidance for aligning financial and non-financial asset management processes specifically to improve internal controls. On this week’s ALN Th@3 pm ET, he will speak with other members of the committee about how people can use the document to improve their organizational outcomes, including improved compliance activities. Register at this link.
Sources
DOT Report
The U.S. Department of Transportation’s Office of Inspector General reported on its $12.9 billion in general Property, Plant, and Equipment in its fiscal year 2022 Agency Financial Report (AFR), including $4.2 billion in capitalized equipment. The OIG noted “policies and procedures for managing capitalized equipment are out-of-date and noncompliant with Federal law.” Also, “DOT also lacks clear guidance on deviating from standard capitalization thresholds, limiting its ability to establish effective internal controls for capitalized asset management.” There were seven recommendations, including better adherence to the Federal Personal Property Management Act of 2018. All 7 recommendations were accepted and are being addressed.
Ideas
Take a Survey
A 10-question survey was created to begin recording “sentiments” about the impact of asset management on an organization or a region. The Value and Benefits from Asset Management team generated a short survey to begin an annual review of where Asset Management is on a national basis. The survey has a field for “Country” to allow collected data associated with a nation. This survey is expected to be completed annually, enabling the long-term effect of Asset Management to be assessed in an ongoing manner. The survey can be completed in less than 10 minutes and is available at this link. Sign up a web program on October 24 at 5 pm ET on the results from Australia and the U.S. at this link.
Upcoming Events
Oct. 24 – 5 pm Eastern – The “Value and Benefits from Asset Management” team will discuss U.S. and Australian results from a survey designed to understand the impact Asset Management has had on both organizations and society at large. That 10-question quick survey is available at this link. A field for “Country” allows the survey to collect data associated with a location. This survey is expected to be completed annually, enabling the long-term effect of Asset Management to be assessed. Sign up for the web program in October.
If you are part of an ALN Member Organization, please send information about your upcoming speaking engagements to info@AssetLeadership.net.