How Self-Audits Can Ease Asset Physical Verification?
Every entity whether public or private are required to conduct an annual physical count of all fixed assets to verify actual assets in hand and their value to ensure the accuracy of related financial records is known as asset physical verification. Fixed Asset Audits & Verification One has to keep track of all the fixed assets by maintaining the asset register . This asset register needs to be continuously updated with additions and disposals, also the assets must be depreciated on an annual basis. The asset register is maintained in a specified format according to the entity, which shall comply with the requirements of any accounting requirements, which may be prescribed. An asset register can play a crucial role in asset physical verification. Asset Tracking can be challenging for organizations. Assets can be re-assigned to various employees, moved from one location to another, or replaced by others. Asset management requires reports about asset allocation, usage, and service