Asentrix Systems: Turn-Key, Asset Management Solutions
   Comprehensive, Turn-Key Asset Management Solutions
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Asset Management Services
Instalation and Configuration
Asset Management Education and Training
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Asentrix Systems delivers comprehensive asset management consulting and implementation services, inclusive of people, process, and technology.

Our solutions save our customers time and money by capturing, recording, and displaying important asset information to the right people, at the right time, in the right way.

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GASB Asset Management Solutions
Who is the GASB?


Asentrix Systems provides comprehensive, turn-key asset management solutions including a set of specific solutions to address GASB 34 & 35 compliance.

As part of the new GASB 34 or 35 reporting methodology, organizations are expected to “report all of the assets, liabilities, revenues, expenses, and gains and losses”. In addition, “governments should report all capital assets, including infrastructure assets, in the government-wide statement of net assets and generally should report depreciation expense in the statement of activities.”

In order to comply with these new reporting guidelines, government agencies and public colleges/ universities have to develop and deploy the right asset management systems. Asentrix provides the tools (software, hardware, identification ), the services (implementation, training, asset inventory ), and the expertise to implement a comprehensive, turn-key GASB asset management solution.

Asentrix addresses GASB Statement 34 & 35 Compliance:
Physical Asset Inventory
Asset Valuation Services
Network Asset Inventory
Asset Data Repository
Business Process & Workflow Design


Who is the GASB?


The GASB (Governmental Accounting Standards Board) is the independent private sector organization, formed in 1984, that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of state and local government financial statements, users of those statements, and members of the academic community.

Statement No. 35
Public Colleges and Universities—an amendment of GASB Statement No. 34 Effective Date: In three phases based on a public institution’s total annual revenues, beginning with periods beginning after June 15, 2001 and continuing through periods beginning after June 15, 2003. Public institutions that are component units of a primary government should implement this standard at the same time as that primary government. (Issued 11/99)

Statement No. 34
State and Local Governments
Effective dates:

Phase 1
Phase 1—Financial statements for periods beginning after June 15, 2001, for governments with total annual revenues of $100 million or more in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.
 
Phase 2
Phase 2—Financial statements for periods beginning after June 15, 2002, for governments with total annual revenues of $10 million or more but less than $100 million in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.
 
Phase 3
Phase 3—Financial statements for periods beginning after June 15, 2003, for governments with total annual revenues of less than $10 million in the first fiscal year ending after June 15, 1999. Different provisions apply for reporting general infrastructure assets at transition.

GASB Press Release




Sarbanes Oxley Asset Management Solutions


Asentrix Systems provides comprehensive, turn-key asset management solutions including a set of specific solutions to address Sarbanxes-Oxley (SOX, Sarbox) compliance.

The Sarbanes-Oxley Act of 2002 will have a significant impact on organizations throughout the United States. Among other things, this landmark legislation requires executives to attest to the adequacy and effectiveness of their internal controls. Controls will be externally audited and a statement of control, verified by the audit, will appear in reports filed with the Securities and Exchange Commission (SEC).

The Sarbanes-Oxley legislation requires executives to sign documents, under penalty of law, stating the accuracy and integrity of their financial reports. Without having an accurate, detailed, and timely accounting of all assets, executives are at risk. Ongoing asset management has always been a suggested “best practice”, but today, for many organizations, it has become a legal mandate.

Sarbanes-Oxley effects asset management in 3 primary ways:

1) CEOs and CFOs are required to sign and file reports with the SEC attesting to the accuracy of their financials and the accountability of their internal controls. Without an effective asset management solution, inclusive of people, process, and technology, neither the asset data nor the internal controls will exist to validate these reports.
 
2) External auditors are looking for consistency, accountability, and, wherever possible, automation. An effective asset management solution delivers on all three of these points and replaces inaccurate, manual processes.
 
3) A number of software vendors are requesting that large corporate customers conduct self-audits against their software usage, allegedly to help the suppliers meet Sarbanes-Oxley regulatory requirements. An effective asset management solution would allow this information to be collected and reported within minutes of the audit request.

Asentrix Systems provides the tools (software, hardware, identification ), the services (implementation, training, asset inventory ), and the expertise to implement a comprehensive, turn-key asset management solution that fully supports Sarbanes-Oxley compliance



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