Can deliver asset tracking systems help in the requirements of Sarbanes-Oxley? Yes it can, and it will save you money too!
Sarbanes-Oxley Section 404 requires companies with large dollar amount of returned assets to effectively track the assets to ensure the right balance sheets and income statements. Without tracking and recovery system in place, opening the company up to the Sarbanes-Oxley liability if the error-prone process lead to material misstatements of asset status. This can be a particular issue with a fleet of ships delivered assets, such as bags, tanks, containers or cages.
Using the Internet and functioning of media, such as electronic file transfer, RFID or bar code, a return tracking system can be a major step towards controlling, level and ensure to deliver assets ships at all times while assisting in compliance with Sarbanes-Oxley. Unlike GPS location application, tracking software application solutions includes not only the latest place each performing asset, but also permanent storage history or “passport” from the date of submission of the replacement property was purchased.
In addition to ensuring compliance with Sarbanes-Oxley, the returned asset tracking system supports internal and external requirements review, regulatory compliance and business (NAFTA) requirements but also improves the return on assets (ROA) by identifying unnecessary inventory and increase the use of tracked assets returned.
Some of the management benefits you should also expect from automated tracking software application can be the focus of an event-triggered exception or smart reports. This should address potential trouble areas to deliver assets fleet performance as stranded assets, excessive dwell or transit times or inordinately high damage.