Fixed Assets Audit
Fixed Assets are an inordinate asset for any organization as it requires a sizeable amount of investment and determines the future earning capacity. This investment can be in terms of large plant and machinery, small tools and equipment and even office furnishings. Thus, every entity must have a proper regulatory mechanism to keep the fixed assets under check, from their acquisition till disposal and their related expenses. This is an evident activity as any failure on this front can affect the valuation and profitability positions of the organisation significantly.
The genuine picture of the fixed assets must be portrayed in the books of accounts aptly. This is where Fixed Asset Audit comes into the picture. Fixed Asset audit is a process wherein the fixed assets are examined on ground by a group of professionals to validate their accuracy, in terms of existence and book records. With a team of professionals who closely watch the auditing operations, we at Aplite have a seamless methodology that examines the compliances related to fixed assets at various levels.
Why Fixed Assets Audit?
Aplite has been delivering fixed asset services since long. Fixed asset audits proves to be a useful tool by:
Ensuring that all the fixed assets are properly recorded in books and all the internal controls around their acquisition till disposal are implemented properly.
Validating the expenses charged to Profit & Loss vis-à-vis capitalised in books.
Construction of new and updated Fixed Assets Register by scrutiny of assets in plants and offices.
Evaluating depreciation treatments, verification, completeness, and accuracy of records.
Compliance with Accounting Standards and disclosure requirements as per Companies Act,2013.
Services covered under Fixed Assets Audit
Aplite’s fixed assets audit services is the whole bunch of services that your organisation requires. Our fixed asset audit services include:
Physical Observation of fixed assets to ensure their existence and reconciliation between accounting records and actual assets.
Internal audit of controls around asset recording and verification of expenses written off yearly.
Valuation of fixed assets to determine their fair value vis-à-vis book value.
Analysis of various general ledger transactions around fixed assets.
What Aplite Assures for?
Our team comprises of experienced professionals who work in accordance with all rules and regulations and take a professional approach to the audits that we perform. We’ve been employing a variety of strategies and tactics that have yielded superior results and optimal solutions in a variety of situations. We believe that doing the right thing and following the rules, as well as having the necessary expertise and experience in our field, will ensure that our customers receive excellent assistance and services.
Comprehensive and disciplined approach:
Our services are fully reliable since the process that we follow covers all the aspects that are required to complete the fixed asset audit. Furthermore, we offer a detailed framework and streamlined methodology that will provide practical solutions for comprehensive maintenance of fixed asset records.
Believer in Value Creation:
We have defined a set of protocols, designated with respect to verification of fixed assets, including the checklist and approvals criteria, that improves the scope and brings clarity in work. We have a team of experienced consultants who provide solutions that will help your organization to plan things along with the guidance of financial advisors, whom you can consult for doubts or strategies.
Strict adherence to deadlines:
We guarantee that we will provide the right services, at the right time, with the right approach, resulting in maximum satisfaction and compliance with laws. We will complete the entire process on time, while also ensuring that quality is not compromised.
Aspects of Coverage:
We ensure that all assets are included in our audit process because we have a system in place that includes checklists and ensures that all assets have been watched, and any discrepancies or concerns are identified and reported. We provide services inclusive of audit of accounting and taxation treatments for each asset. As a result, we conduct a thorough analysis to ensure that all practical assets are covered for a true financial valuation.