An important strategic business unit of a Fortune 500 chemical company was confronted with the task of analyzing, improving & documenting its policies & procedures with regard to tracking & recording of its fixed assets numbering close to 100,000 units. The business unit had to make significant improvements to its policies & procedures with respect to its fixed asset movement types as well as use a better system to track and record all the fixed assets as they faced a lot of database issues which hampered the effective monitoring of the fixed assets.

Relevante’s professionals collaborated with the client’s internal team to create policies, enhance the effectiveness of the tracking mechanism & document the entire procedure in a completely new policy & procedure manual. They also kept in mind FASB/GAAP guidances while executing the assignment while also coordinating with various user groups like plant IT & plant finance. Relevante’s professionals also designed the various templates to capture information so as to ensure compliance with the Sarbanes Oxley legislation. They also analyzed various fixed asset systems and recommended a new & comprehensive fixed asset monitoring system to the client which was implemented within the strategic business unit. The internal controls with regard to fixed assets have been greatly strengthened and the client has moved closer to complying with the Sarbanes Oxley legislation.