The Australian National Audit Office (ANAO) has released a new guide on asset management in public sector entities.
The new report, Better Practice Guide on the Strategic and Operational Management of Assets by Public Sector Entities, is an update on previous guides.
It aims to provide a practical asset management framework that can be adopted by government entities to help them better management, maintain and use their assets.
The guide is primarily targeted towards chief financial officers and accounting and asset management staff in Australian Government entities.
Auditor-General Ian McPhee said asset management was an essential component of good governance in the public sector and should be integrated with strategic, corporate and financial planning.
“The main message is to ensure entities have a disciplined approach to match their investment in assets to program requirements, and to plan for asset replacement in a strategic way which accords with the Government’s capital budgeting framework where applicable,” Mr McPhee said.
He added that the publication provided “general guidance” to government entities and it was important for individual organisations to assess the relevancy and cost-effectiveness of the practices described in the guide.
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