×

HOW TO SHOP WITH US

1 Login or create new account.
2 Review your order.
3 Payment & FREE shipment

If you still have problems, please let us know, by sending an email to contact@itassetmanagement.in . Thank you!

SUPPORT TIMING

Mon-Fri 9:00AM - 9:00PM
Sat 9:00PM-5:00PM

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?
QUESTIONS? CALL: T (91) 97690 22209, (91) 75066 00517, (+91) 22-66930155
  • LOGIN
  • SUPPORT

IT Asset Management Software

IT Asset Management Software

Best Inventorymanagement software

T (91) 97690 22209, (91) 75066 00517, (+91) 22-66930155
Email: contact@itassetmanagement.in

Greenitco
520, IT Park, MasterMind 1, Goregaon East Mumbai

Open in Google Maps
  • HOME
    • Services
      • IT Asset Management
      • ITM Mobile App
      • Asset Auditing
    • Features
      • Pricing Table
      • Features
      • Asset Management FAQ’s
    • Pages – Contact Us
      • Pages – Contact Us
      • Pages – About Us
      • Pages – Testimonials
      • Pages – Careers
        • Pages – F.A.Q.
  • OUR SERVICES
    • ITM
      • ITM SOFTWARE
      • Features
      • Pricing
      • IT Asset Management Premium Plan
      • IT Asset Management Professional Plan
      • IT Asset Management Ultimate Plan
    • ASSET-AUDITING
    • SOFTWARE LICENSES
      • Microsoft
      • GO Daddy
      • Cyberlink
  • DEMO
  • DOWNLOAD
    • MS Word Version Finder
      • How to install MS word version finder
    • Download ZIP
  • SHOP
    • Shop
    • My Account
      • Cart
      • Checkout
    • Anydesk Lite
    • Anydesk Lite 6 year
    • Apple
    • Microsoft
    • Cyperlink
    • Hosting
    • Pages – Contact Us
  • KNOWLEDGE CENTER
    • News & Updates
    • ITM – User Guide
    • Release Notes
  • CONTACT US
  • MY CART
    No products in cart.
FREESoftware
  • Home
  • Pages – Blog Posts
  • News
  • Physical Asset Verification and Auditing
February 28, 2021

Physical Asset Verification and Auditing

Physical Asset Verification and Auditing

by Jeslin / Saturday, 24 November 2018 / Published in News

Why Physical Asset Auditing is required?

All private and public entities are required to conduct a physical Asset Auditing at the end of every financial year. Because an auditor required to report whether the company is maintaining proper records of assets and these assets have been physically verifying by the management at reasonable intervals.

Objectives

  • Statutory Compliance
  • Existence of Assets
  • Accuracy of the accounts
  • Adequate internal control over assets
  • Loss Prevention
  • Verification

Statutory Compliance

The auditor of the company has to report as per the statutory compliance to ensure,

  1. Whether the company is maintaining proper records which showing full particulars.
  2. Whether the assets have been physically verifying by the management at reasonable intervals.
  3. Whether the foreseeable future will affect due to the substantial disposal of fixed assets during the year.

Existence of Assets 

        It is the process of ensuring the existence of assets in a company. Company Management is totally responsible for this. Some common procedures were used to test the existence of assets while auditing.For example,

  1. Cash

Two procedures were followed when auditors test the existence of cash. First procedure is collecting the company’s bank statements and bank reconciliations from the business owner. Second is collecting the third-party confirmation of the bank balance from the bank.

  1. Capital Assets

Buildings, equipment and other fixed assets were tested through observation only. So, record is produced by the auditor while audit.

Accuracy of the accounts

All assets, liabilities and equity interests should be included in the financial statements at appropriate amounts, resulting valuation or allocation adjustments must appropriately be recorded, related disclosures must appropriately be measured and described. Accuracy is the confirmation of the record which have full amounts of all transactions without error.

Adequate Internal Control over assets

        For efficient and effective management, Internal Control is very important. Because it provides reliable and accurate data which is necessary for decision making and it protects a business from wastage.

Internal Control includes all the plans of the organization, methods and measures taken to safeguard the assets. The auditor should study and evaluate the system of internal control while auditing.

Loss Prevention

         Physical asset verification identifies missed assets and whether the company is experiencing inordinate loss or not. So that, it can help to address and correct the procedural mistakes before the losses become too severe.

Verification 

        Verification process ensures that the assets are free from any charge or lien. It involves

  1. Comparing the ledger accounts on the date of the balance sheet.
  2. Verifying the assets on the date of the balance sheet.
  3. Make sure that they are free from any charge of mortgage.
  4. Ensure the proper value of assets.
  5. Assets were acquired for the business.

For any company, this is necessary to carry out the physical asset verification for preventing the over-payment of depreciation taxes and insurance, reduce the risk of regulatory non-compliance, improve planning and budgeting functions and also to reduce the losses.

 

 

 

 

0
  • Tweet
Tagged under: Asset Audit, asset inventory management, asset management system, itm, Physical Asset Verification, Statutory Compliance

About Jeslin

What you can read next

Benefits of asset tracking software
How asset tracking software can help in audit preparation?
invest on asset lifecycle management, automated ticketing system, procurement management process,Asset tracking
Invest wisely on this Diwali with ITM
ITM Services, Fixed Asset Auditing & Asset Management Compliance
Fixed Asset Auditing Procedures

Categories

  • Comingtime
  • Guide and Tutorial
  • Hacking
  • IT Asset Management
  • Mobile
  • Networking
  • News
  • Quick Tips
  • Technology
  • Technology Tips

Recent Posts

  • Top 5 New Year Resolutions for Facility Managers

    New Year’s resolutions are the perfect opportun...
  • How a helpdesk ticketing system benefits customer service?

    The nature of the business can vary greatly fro...
  • Invest wisely on this Diwali with ITM

    Diwali is the festival of joy, traditions and m...
  • Best Help desk Software 2019 – ITM

    Help desk software plays an important role in m...
  • Benefits of Automated Ticketing System

    Automation goes beyond traditional methods that...
  • Why you need a change management software in your business?

    Change management is the process of managing th...

Archives

  • December 2019
  • October 2019
  • September 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • August 2018
  • May 2018
  • January 2017
  • June 2016
  • May 2016
  • April 2016
  • January 2016
  • December 2015
  • October 2015
  • August 2015

Featured Posts

  • Top 5 New Year Resolutions for Facility Managers

    0 comments
  • How a helpdesk ticketing system benefits customer service?

    0 comments
  • Invest wisely on this Diwali with ITM

    0 comments

GET IN TOUCH

T (+91) 22-66930155, (+91) 9769022209, (+91) 7506600517,
Email: contact @ .itassetmanagement.in

Greenitco Technologies Pvt Ltd
520, Mastermind 1, Goregaon East, Mumbai, India

Open in Google Maps

Faridabad

Greenitco Technologies Pvt. Ltd.
2574, Sector 49, Faridabad, Haryana 121001

  • GET SOCIAL
IT Asset Management Software

© 2016 All rights reserved. Contact us Nextmegabyte
TERMS FOR USE PRIVACY POLICY EULA

TOP
Translate »

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close