Press Release Summary:
Proposed standard ASTM WK46257, Guide for Management of Customer-Owned Property in the Possession of a Supplier or Subcontractor, aims to provideÂ holistic approach to subcontractor property management. Applicable to property expected to be used by federal agencies, government contractors, and other large entitiesÂ which furnish property to suppliers, standard would look at basic vital signs of good internal controls to promote improved products and services at lesser expense.
Original Press Release:
Proposed New ASTM Asset Management Standard to Present Holistic Approach to Subcontractor Property Management
A proposed new ASTM International standard will provide a holistic approach to subcontractor property management. The proposed standard is ASTM WK46257, Guide for Management of Customer-Owned Property in the Possession of a Supplier or Subcontractor.
ASTM WK46257 applies to property that is expected to be used by federal agencies, government contractors and other large entities that furnish property to suppliers.
ASTM member Richard Culbertson, recently retired from Lockheed Martin, notes that use of ASTM WK46257 will lead to improved products and services that cost less. According to Culbertson, a review of asset management based on ASTM WK46257 would step back from a procedures compliance audit to look at the basic vital signs of good internal controls.
“The general public should understand and demand good internal controls from entities, including government entities,” says Culbertson. “The vital signs of good internal controls should be known, understood and expected in the same way that medical vital signs such as temperature, blood pressure and heart rate are. There is strength and value in common understanding by using consistent terminology.”
The proposed standard will be specifically useful to U.S. government contractors who have subcontractors in possession of U.S. government property and to commercial enterprises with large contracts that require furnishing property to subcontractors or suppliers.
ASTM WK46257 is being developed by Subcommittee E53.20 on U.S. Government Contract Property Management, part of ASTM International Committee E53 on Asset Management. All interested parties are invited to join in the standards developing activities of E53.
ASTM International welcomes participation in the development of its standards. For more information on becoming an ASTM member, visit www.astm.org/JOIN.
For more news in this sector, visit www.astm.org/snconsumer or follow us on Twitter @ASTMProductsRec.
Technical Contact: Richard Culbertson, Pittsburgh, Pa., Phone: 609-410-0108; email@example.com
ASTM Staff Contact: Katerina Koperna, Phone: 610-832-9728; firstname.lastname@example.org
ASTM PR Contact: Barbara Schindler, Phone: 610-832-9603; email@example.com