Resource Accounting and Budgeting (or Random Asset Budgeting). In 1996 we were all sent on a course to hear about it. I remember thinking, this is all familiar. Equipment Accounting Centre in Liverpool did most of it anyway, only didn't make an industry out of it. Just a DefCon called up in every contract. Regarding what EAC didn't do, I couldn't really see the point anyway. If it is not MoD policy to know what assets it has, or where they are (and it hasn't been, since 1988), then it's all a bit pointless. Where the random quip came from.
EAC, by the way, were excellent value. They were the first MoD audit branch to jump on the RAF's 'savings at the expense of safety' policy - in January 1988. Not 1999, as claimed by Haddon-Cave. RAB cost a fortune, EAC continued to mop up after it.