Fixed Asset Auditing


Tracet offers superior Fixed Asset Auditing services. It includes Physical verification, Barcoding, and Asset Tagging services to companies across all industries. These are served as the first step to implement Enterprise Asset Management Solution.

This helps in knowing exact asset count, where these assets are located and how these assets are changing over time, and allows a company to keep track on details of each fixed asset, ensuring control and preventing misappropriation of assets.

Fixed Assets Auditing entails the following activities:

  • Physical Verification – Physical verification from floor to book & book to floor.
  • Creation of FAR – In accordance with Companies Act 2013
  • Review of FAR (if already present) – To ensure the accuracy
  • Asset Mapping – Mapping of fixed assets as per Invoices, Bills & challans
  • Identifying ghost assets – Complete listing of ghost assets
  • Asset reconciliation
  • Asset coding – Coding of assets as per logic defined
  • Tagging of Assets – Barcoding / RFID on metal tags to fixed assets

This exercise helps keep track of the correct value of assets, which allows for computation of depreciation and taxes for insurance purposes while ensuring compliance with corporate and government policies. The use of bar-coding technology makes asset verification simple and efficient. The exercise also helps to clean up the asset register of any disposals or movements that may not have been captured in the books and by giving up to date records of the asset.

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