Standard Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor

SIGNIFICANCE AND USE
5.1 This guide promotes the importance of effective and efficient use of resources to satisfy various needs of participants: those who furnish property–customers and owners, those who receive customer or entity property–suppliers, contractors, and subcontractors, and the audit community, while providing reasonable assurance of effective internal controls.  
5.2 The objective of this guide is to promote a life-cycle approach using the elements of good internal controls.  
5.3 For optimization, this guide may be used in conjunction with Practice E2279 and Practice E2452.
SCOPE
1.1 This guide addresses infrastructure and practices for the life-cycle management of supplier, contractor or subcontractor-held customer-owned property in the possession of a supplier, contractor or subcontractor. This includes the infrastructure and processes and subprocesses in the efforts of acquisition, use, and disposition.  
1.2 This guide covers property that is owned by a customer or a buyer (referred to as customer-owned property) that is either directly furnished by a buyer, customer, or acquired by a supplier on behalf of a customer where title to the property ultimately vests with the customer while in the possession of a supplier, contractor or subcontractor.  
1.3 This standard does not purport to address all of the safety concerns, if any, associated with its use. It is the responsibility of the user of this standard to establish appropriate safety and health practices and determine the applicability of regulatory limitations prior to use.

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Publication Date
14-May-2015
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ASTM E3015-15 - Standard Guide for Management of Customer-Owned Property Assets in Possession of Supplier, Contractor or Subcontractor
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NOTICE: This standard has either been superseded and replaced by a new version or withdrawn.
Contact ASTM International (www.astm.org) for the latest information
Designation: E3015 − 15
Standard Guide for
Management of Customer-Owned Property Assets in
1
Possession of Supplier, Contractor or Subcontractor
This standard is issued under the fixed designation E3015; the number immediately following the designation indicates the year of
original adoption or, in the case of revision, the year of last revision. A number in parentheses indicates the year of last reapproval. A
superscript epsilon (´) indicates an editorial change since the last revision or reapproval.
4
1. Scope 2.3 PCAOB Standard:
Auditing Standard No. 2 An Audit of Internal Control Over
1.1 This guide addresses infrastructure and practices for the
Financial Reporting Performed in Conjunction With an
life-cyclemanagementofsupplier,contractororsubcontractor-
Audit of Financial Statements
held customer-owned property in the possession of a supplier,
2.4 Federal Standards:
contractor or subcontractor. This includes the infrastructure
5
GAO-12-331G Government Auditing Standards
and processes and subprocesses in the efforts of acquisition,
U.S. OMB CircularA-123 Management’s Responsibility for
use, and disposition.
6
Internal Control
1.2 This guide covers property that is owned by a customer
7
18 U.S.C. 641 Public Money, Property or Records
or a buyer (referred to as customer-owned property) that is
either directly furnished by a buyer, customer, or acquired by a
3. Terminology
supplier on behalf of a customer where title to the property
3.1 Definitions: For definitions related to property and asset
ultimately vests with the customer while in the possession of a
management, refer to Terminology E2135.
supplier, contractor or subcontractor.
3.1.1 acquired property, n—property under the possession
1.3 This standard does not purport to address all of the
or control of an entity that is not deemed “furnished property”
safety concerns, if any, associated with its use. It is the
and was acquired for business operation purposes.
responsibility of the user of this standard to establish appro-
3.1.2 contract, n—agreement creating obligations enforce-
priate safety and health practices and determine the applica-
able by law. [http://www.law.cornell.edu/wex/contract]
bility of regulatory limitations prior to use.
3.1.3 contractor, n—independent entity that agrees to fur-
2. Referenced Documents
nish a certain number or quantity of goods, material,
2
equipment, personnel, or services that meet or exceed stated
2.1 ASTM Standards:
requirements or specifications at a mutually agreed upon price
E2135 Terminology for Property and Asset Management
and within a specified timeframe.
E2279 Practice for Establishing the Guiding Principles of
[http://www.businessdictionary.com/definition/
Property Asset Management
contractor.html]
E2452 Practice for Equipment Management Process Matu-
rity (EMPM) Model 3.1.4 customer, n—for customer furnished property
arrangements, the customer is generally considered the entity
E2936 Guide for Contractor Self Assessment for U.S. Gov-
ernment Property Management Systems or decision maker that has issued a contract or subcontract.
3
2.2 IAASB Standard:
3.1.4.1 Discussion—The customer may be the issuer of the
3402 International Standard on Assurance Engagements
original contract or may be a prime contractor to a subcontrac-
(ISAE)
tor. Synonyms may include: buyer, purchaser, contracting
officer and client. Customers have authority to issue and make
determinations, commitments and administer a contract or
1
This guide is under the jurisdiction of ASTM Committee E53 on Asset
Management and is the direct responsibility of Subcommittee E53.20 on United
States Government Property Management.
4
Current edition approved May 15, 2015. Published June 2015. DOI: 10.1520/ Available from Public CompanyAccounting Oversight Board (PCAOB), 1666
E3015-15 K St., NW, Washington, DC 20006-2803, http://pcaobus.org.
2 5
For referenced ASTM standards, visit the ASTM website, www.astm.org, or Available from U.S. Government Accountability Office, 441 G St., NW,
contact ASTM Customer Service at service@astm.org. For Annual Book of ASTM Washington, DC 20548, http://www.gao.gov.
6
Standards volume information, refer to the standard’s Document Summary page on Available from U.S. Office of Management and Budget, 725 17th Street, NW,
the ASTM website. Washington, DC 20503, http://www.whitehouse.gov/omb/circulars.
3 7
Available from International Federation of Accountants (IFAC), 529 5th Available from U.S. Government Printing Office, 732 N. Capitol St., NW,
Avenue, New York, NY 10017, http://www.ifac.org. Washington, DC 20401-0001, http://www.gpo.gov.
Copyright © ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959. United States
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