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Assessment of asset management effectiveness
Managing our assets
The Department holds financial and non-financial assets. Financial assets include cash and receivables, which are subject to internal controls and reconciliations.
Non-financial assets are held for operational purposes and include computing software and hardware, building fit-out, furniture and fittings. Decisions about whole-of-life asset management are undertaken in the context of the broader Department’s strategic planning to ensure that investment in assets supports cost-effective achievement of the Department’s objectives.
Effective management of the Department’s capital budgets is achieved by:
- including whole-of-life consideration in proposals for capital expenditures;
- whole-of-Department prioritisation of capital projects and major purchases by the Department’s Investment Board;
- undertaking regular stocktakes of physical assets; and
- annually reviewing assets for indications of impairment and changes in expected useful lives.