Fixed Asset Verification – Dhruva Industrial Consultants

Fixed asset verification:

Physical verification of assets is a process conducted by auditors to 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.

Objectives of Verification are:

To show correct valuation of assets and liabilities.
To know whether the balance sheet exhibits a true and fair view of the state of affairs of the business.
To find out the ownership and title of the assets.
To find out whether assets were in existence.
To detect frauds and errors, if any
To find out whether there is an adequate internal control regarding acquisition, utilization and disposal of assets
To verify the arithmetic accuracy of the accounts
To ensure that the assets have been recorded properly