It is standard industry practice for a contractor to periodically conduct a physical inventory of company assets for the purposes of material management and production control.
Contractors normally accomplish physical inventory of material on an annual basis.
However, contractors may have various inventory frequencies for different types of property as authorized in FAR 45.508. The University of Washington performs physical inventories annually on property titled to the Government and biannually on state property. Equipment Inventory prepares and submits federally titled inventories in January. All property inventoried must be signed, recorded, reported, and reconciled with the property records. Discrepancies are to be submitted to the Equipment Inventory in writing.