Physical verification of fixed assets is essential to asset management in any organization. This process involves physically inspecting and validating the assets to ensure their authenticity, condition, and presence. However, the process can be challenging due to several obstacles organizations face while performing physical verification. In this blog, we will discuss ten significant…
It is a bitter fact that most organizations experience a difficult time managing fixed assets since they don’t know their exact locations and what conditions they are in. Because of this, organizations often discover that their fixed assets are somewhere else or missing when they perform physical asset verification. For this reason, periodic physical verification…
Physical verification of fixed assets is an abstract process that has a physical base. However, it so happens that this is an activity that is not preferred by companies, it is rather one that they shy away from because it requires thoroughness and a lot of dedication. There is nothing more wrong than that. The…
When conducting Physical Verification of Fixed Assets to ensure that the organization owns the fixed assets listed in the balance sheet and the organization’s rights to fixed assets are confirmed and not limited by the rights of third parties, the auditor should analyse the documents confirming the organization’s rights to fixed assets. Such documents include contracts for…
