Fixed Asset Audit

All valuable items demand record keeping and care!

Fixed Asset Audit

Most accounting departments think that their fixed assets are correctly represented in their financial statements; in our experience however, this is never the case. That's where audit comes in.

We consider acquisition, disposal, allocation of related costs, and depreciation management with a goal to clarify reporting, reduce risk, and optimise taxes.

Owing to our experience in this activity, we can manage assignments of any scale and in any industry.

The deliverables will include:

  • Compliance with provisions of the Companies Act, 2013, Ind-AS, I-GAAP, and guidelines issued by ICAI (Institute of Chartered Accountants of India).
  • Creation and maintenance of Fixed Asset Register (FAR).
  • Procurement and capitalisation of assets in line with the investment proposals.
  • Ascertaining adequacy of internal controls during installation, usage, movement, and disposal of fixed assets.
  • Physical verification and discrepancy resolution when compared with recorded values.
  • Final reconciliation of assets.
  • Depreciation management.

If you’d like our help – write to us or schedule a virtual meeting.