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Fixed Assets Not Adequately Tagged or Recorded

Posted @ January 21, 2016, 8:22 am under (Fixed Assets Verification)

Physical Verification of Fixed Assets Case Study

We help organisations in Fixed Asset Management, Verification, Tagging and Reconciliation on PAN India Basis with Presence in Himachal Pradesh, Rajasthan, Maharashtra, Gujrat, Nagpur, Punjab, Pune, Hyderabad, Chennai, Bangalore, Mumbai, Delhi, Gurgaon, Manesar, Noida, Greater Noida, Faridabad and Baddi.

At times we find during Audit that fixed asset inventory system needs substantial improvement. The Fixed Asset Inventory Register do not contain the needed information to identify and locate individual assets. Often organisations do not have a procedure that ensures all newly acquired assets are accounted for, and there are no periodic physical inventories taken by competent team.

Generally Internal Staff from the organization is asked to perform fixed asset inventory verification, and they are not fully competent enough to undertake such excercise. As a result the Fixed Assets inventory once taken subsequently a number of assets, that are listed on the Fixed Asset Inventory Register could not be located. 

Tagging and recording assets is a basic control to safeguard property and equipment by providing a method to identify, inventory, and locate physical assets. All property and equipment owned by the organization should be tagged, Fixed Asset Inventory Register should be periodically updated when assets are acquired or disposed of, and periodic physical inventories should be performed. Discrepancies should be investigated and disposed properly.

Management Response was received and accounting for missing items or very old items purchased years ago could not be resolved. Most additional fixed assets inventory booked and discrepancies have been resolved. 

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