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Fixed Assets Verification

Legal Features

Fixed Asset Verification
Fixed assets are the permanent assets of the business held for earning income. The primary functions of these assets are to produce goods or provide services. These long-term intangible assets owned by companies are not for sale in the usual course of business. All assets are defined and categorized according to their usage.
Fixed asset verification audit is necessary to ensure that all the claimed assets of an entity exist in reality. Every organization must perform a physical verification of fixed assets at the end of every financial year. The audit is necessary for financial accounting, preventive maintenance, and theft deterrence.
Increasing compliance requirements, high capital, and revenue expenditure have made it imperative for businesses or organizations to maintain an updated record of the fixed assets owned by them. Therefore, to avoid any misappropriation, identification, tracking, and controlling of fixed assets are necessary. 

The advantages of fixed asset verification:

  • The fixed asset verification process facilitates regular tracking and monitoring of the concerned assets
  • A proper verification and records update ensures a reduction in theft or misplaced assets.
  • The fixed asset verification audit conducted by external auditors saves time and money.
  • Verification by a certified external auditor corroborates the correct reporting of fixed assets in financial records.
  • The fixed asset verification enables efficient resource allocation.

What are the objectives of fixed asset verification?
Conducted by auditors, consultants, management, and authorities, the fixed asset verification is an essential process of every organization.
The objectives of fixed asset verification are as follows:

  • The verification process is crucial in making accurate calculations of fixed assets owned by the organization.
  • The audit excludes the assets that are sold and includes those that are purchased.
  • This process ensures entry of correct valuation based on cost less depreciation or revaluation.
  • Fixed asset verification ensures that the company owns all the assets mentioned in the asset schedule and the balance sheet. It also includes the type of ownership the company possesses over those assets.
  • The audit clarifies the financial position of the company by mentioning all the assets in the financial statements. It gives the stakeholders a better understanding of the company’s financial status.

Our Service
At Careful Counting, we assist organizations in auditing their fixed assets effortlessly. One of the vital issues faced by organizations is regular verification of the fixed assets owned by them. When the management is unsure of the fixed assets they own and that mentioned in the records, the only solution is to conduct a detailed verification of all the assets to confirm their status.
This time-consuming exhaustive process puts a strain on the organization’s workforce and can affect other primary functions. To simplify this whole process, we are here to help organizations perform the fixed asset verification.
Our services include identification and verification of assets to match the entry in the records. Our highly efficient team will help prepare and maintain a fixed asset register. We assist in calculating depreciation as per statutory requirements and providing suggestions on the capitalization of fixed assets. We offer seamless implementation of internal controls systems over fixed assets expedition. Our team is also well-versed in tagging and barcoding of fixed assets that help in their identification.

Check the requirements below and provide us with the necessary documents to get started.


Minimum Requirments

Basic Documents

Books of Accounts

Other Documents


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