Audits & Physical Verification

Enables auditors to Physical verify assets and make sure that the assets of an entity actually exist. It is of immense importance for every business to carry out this process at the end of every financial year.

Audits & Physical Verification

Asset Auditing

Our approach to verification is to conduct a line-by-line reconciliation of fixed assets by accounting records to assets found during the physical inventory taking process in a timely manner, keeping up with the industry standards and norms.

Asset Physical Existence

Verify assets exist as mentioned.

Purchase Assets for Business

To Show that purchased assets are listed properly.

Asset Ownership

Verification of asset ownership and title.

Correct Asset Evaluation

Verify that assets’ correct worth is evaluated and listed.

Legal Compliance

Maintain a high level of compliance

Keep Separate Files for Auditing

Maintain a separate list for hassle free auditing.

Frequently Asked Questions

Since organizations list assets on corporate tax returns and balance sheets, Auditing becomes crucial to check compliance. An internal audit also helps you check assets, their physical existence and asset condition as well. Under Companies Act, 2013, auditing is mandatory for large businesses.

Asset management software helps you generate an accurate asset list, asset condition and maintenance schedules. It makes the task of auditing fairly easy and quick.

Auditing must be conducted on regular intervals to manage compliance with set standards and norms. Most businesses follow a half-yearly/ yearly auditing norm.

External auditing is done by outsourced audit professionals to check compliance, physical existence of assets etc.