We offers illustrious Fixed Asset Auditing services. It includes Physical verification, Barcoding, Asset Tagging servicesand Reconciliation to the FAR to companies across all industries. These are served as the first step to implement Enterprise Asset Management Solution.
This helps in knowing exact asset count, where these assets are located and how these assets are changing over time, and allows a company to keep track on details of each fixed asset, ensuring control and preventing misappropriation of assets.
Fixed Assets Auditing encompasses the following activities:
- Physical Verification – Physical verification from floor to book & book to floor.
- Tagging of Assets – Barcoding / RFID to fixed assets
- Creation of FAR – In line with Companies Act 2013
- Review of FAR (if already present) – To ensure the accuracy
- Asset Mapping – Mapping of fixed assets as per Invoices, Bills &other documents
- Asset reconciliation
- Asset coding – Coding of assets as per parameters defined
This exercise helps keep track of the correct value of assets, which allows for computation of depreciation and taxes for insurance purposes while ensuring compliance with corporate and government policies. The use of bar-coding technology makes asset verification simple and efficient. The exercise also helps to clean up the asset register of any disposals or movements that may not have been captured in the books and by giving up to date records of the asset.
Fixed assets physical verification and tagging entails the following activities:
- Comprehensive and complete physical verification exercise of the organizations all Fixed Assets.
- Physical identification (floor to book & book to floor) and labelling of the assets with special bar non-destructive labels.
- Capturing of the below parameters of Fixed Assets electronically:
- Barcode number
- Fixed Asset Classes
- Departments and Cost Centre’s
- Asset Serial numbers
- Photographs of assets
- Working condition of assets