Asset Auditing

  • 1 February 2021
  • 1 reply
  • 60 views

As part of out operation requirements we are required to undertake asset audits.

In the past this was easy as majority of assets were located in a office. With many users working from home, this is proving to be a time consuming task.

We tested sending out a form where staff submitted the asset details and we did a comparison against what we had in asset register. This was a very manual, labour intensive process, and as things are constantly changing (Eg. users are returning/taking other assets, its a moving target)

We are wondering how other organisations carry out this task?

 


1 reply

Hi Prithi, I am a qualified chartered accountant who has worked with Deloitte a top 4 Audit firm in the world. I can help you in this matter, there will be a tag on the fixed assets with the same tag list in Asset Register. You should select them on a sample basis, such as the Cleaning machine in your register and check them physically, Its date of purchase, value, life, etc., and verify the existence and conditions and also the value in your accounting software. This will help you a lot. For further info and work, you can contact me at my Fiverr or Upwork profile.

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