When and how often is physical inventory required?

According to the University of Iowa Operations Manual, all departments with equipment and software assets must verify them biennially. 

UIHC inventories capitalized equipment and software annually.

Federal assets must be verified on an annual basis. This count is performed each spring in order to have reports available for federal auditors at year-end. There are also additional counts that may be required by State of Iowa Auditors Office, Departments, or the Capital Assets Management Office.