SCB ASSET MANAGEMENT SUPPORT
Update the asset management policy & procedures documents
Providing GRAP compliant fixed asset registers
Performing assets verifications
Performing assets condition assessments
Providing our own asset management system
Striving to improve co-ordination across the departments in municipalities and the office of the CFO to break down the silo effect and improve asset management
Assisting with answering of audit queries in relation to assets
Advising on asset optimisation and alignment to service delivery requirements
Providing training in asset management and related concepts
Developing and advising on assets management procedures and processes
Assist municipalities with Infrastructure assets unbundling on the following (Roads, Electricity and Water) as per the requirement of GRAP 17
Link all assets to a Geographic Information System (GIS)
Asset accounting which includes additions, disposals, impairments, depreciation
Apply asset valuation methodologies
Provide audit support.
This may also include a combination of any of the following:
Auditing and identification of all assets that the Entity has control over.
Componentization of assets where assets have different components with different useful lives which is material.
Assign and effect a unique asset identification number to every assets identified by bar-coding and capturing new assets not included in the current fixed asset register.
Compile a new asset register for all moveable and immoveable assets in accordance with the accounting practises as prescribed by the Minister of Finance (GRAP). Reconcile the new asset register with the current asset register and resolving of all variances.
Determine the remaining useful live, residual value and the physical and service condition of every asset identified.
Determine, where possible, the initial cost price, acquisition/ construction date of every asset identified by means of scrutinizing records. In instances where remaining useful live and/or residual values cannot be derived from records. Determine the fair value of the asset by applying a suitable valuation method like market value, adjusted market value or depreciated replacement cost consistently to a group of assets.
Determine suitable indices to allow discounting of the current fair values for purposes of retrospective adjustment to the fixed asset register.
Prepare the fixed asset listing in a format suitable for import into the entities current financial system.
Assist the entity in successfully addressing the audit findings and qualifications on PPE as per the Auditor-General’s report.
Review the current Asset Management Policy and Procedures and align it to synergies with the new Asset management System (FAR).
Training and transfer of skills to identified staff.