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Standard Practice for Inventory Verification: Electronic and Physical Inventory of Assets
1.1 This practice addresses inventory verification which includes either physically or electronically confirming the existence, location, and quantity of assets.
1.2 Inventory verification is a key element in the asset management process.
1.3 An appropriate level to track assets is expressed in Practices E2499 and E2608. Different types of assets may be managed or tracked at different levels of control, as described in ASTM standards such as Practice E2608, Classification E1557, and Classification E3035. The location specificity required for an inventory verification should match the location specificity required by the entity’s asset management procedures, referenced ASTM standards, or other controlling command media.
1.4 Inventory verification requires proper planning and execution. Depending on the type and scope, the inventory verification can involve significant dedication of resources. Entities should ensure that the value earned from an inventory verification is equal to or greater than the costs of the dedication of resources.
1.5 This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.
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