Audit reveals water authority's sub-par inventory tracking
January 09, 2012
The recently released Fiscal Year 2010 audit for Tennessee's Watauga River Regional Water Authority (WRRWA) revealed shortcomings in the authority's fixed asset inventory
tracking methods, the Elizabethton Star reports.
According to auditors brought in by the State of Tennessee Comptroller’s Office, the authority failed to conduct an inventory for fixed assets
during both the 2010 fiscal year and one previous to that. They recommended that it conduct an annual asset inventory in order to put together a comprehensive list of the fixed assets on its register.
Using inventory management software
such as Sage FAS Government Asset Inventory can help authorities such as WRRWA keep on top of their inventory holdings. Employing other tools, such as inventory barcode scanners, can help expedite the process.Inventory software
allows organizations to keep records of all their fixed asset
holdings in one place, which can offer significant time savings for staff. In addition to indicating which assets are on the books at any given time, it can also store details such as warranty information and maintenance history.