Fixed assets audit is an important component of the audit process for any organization that owns significant property, plant, and equipment (PPE). Fixed assets include items such as buildings, vehicles, furniture, and machinery that are expected to provide economic benefits to the organization over a period of time. A fixed assets audit aims to verify the existence, ownership, valuation, and utilization of these assets.
The audit typically begins by identifying the fixed assets owned by the organization, including their location and condition. The auditor then assesses the policies and procedures used by the organization to manage its fixed assets and determines whether they are adequate and effective. A fixed assets audit helps to ensure that the organization’s fixed assets are accurately valued, properly accounted for, and effectively managed to maximize their economic benefits to the organization.
We offer you end-to-end solutions for satisfying all your fixed assets accounting needs that include
- Physical Verification of Fixed Assets through electronic device
- Assets classifications based on location/ branch/ Asset User/ Category/ Cost Centre/ Custodian/ Department etc.,
- Allotment of Codes for each of Fixed Assets
- Accounting of Fixed Assets and maintenance of Fixed Assets Register separately under Companies Act (CARO) and Income-tax Act.
- Write-off/ Adjustment of obsolete/ discarded assets
- Preparation of Depreciation Statements under Companies Act and Income-tax Act
- AMC/ Insurance/ Warranty Expiry Report
- Allocation and Capitalization of expenses for Capital WIP if any
- Generation of reports on Fixed Assets
As a professional CA firm dedicated to providing high-quality fixed assets audit services to our clients. Contact us today to discuss your fixed asset audit needs and how we, as leading CA firms can help you achieve your goals.