Service
Physical Verification of Assets by NGVR and Company
Physical Verification of Assets by NGVR and Company
Physical verification of assets is a critical process to ensure that an entity’s assets exist and align with recorded financial statements. This process is vital for businesses at the end of each financial year to verify the accuracy of asset records and to comply with statutory requirements. At NGVR and Company, we provide comprehensive asset verification services that ensure compliance, accuracy, and transparency in asset management.
Objective of Asset Verification:
- Statutory Compliance: Meets the requirements under CARO 2016.
- Asset Existence: Verifies the physical presence of recorded assets.
- Valuation and Rectification: Identifies and rectifies any accounting discrepancies.
- Internal Compliance: Supports internal control mechanisms.
- Customer Service Continuity: Ensures smooth ongoing operations.
Our Approach to Asset Verification:
- Comprehensive Reconciliation
We conduct a detailed line-by-line reconciliation of the fixed asset accounting records with the actual assets identified during physical inventory taking. - Technology-Driven Process
Automated comparison of asset tags, serial numbers, and manufacturer model numbers.
Manual checks on additional details such as descriptions, locations, and departments. - Bulk Asset Allocation
Bulk entries and grouped assets (e.g., computers, equipment) are accurately allocated to individual assets. - Follow-Up and Documentation
Our team makes follow-up visits to verify residual assets and gather additional information where necessary. - Audit Trail Creation
We provide a comprehensive audit trail linking the reconciled inventory to the fixed asset records, ensuring traceability.
Deliverables:
- Audit Trail: A detailed Excel spreadsheet linking the verified assets with accounting records.
- Reconciliation Reports: Reports identifying matched assets, unrecorded additions, and retirements.
- Executive Summary: Signed off by technical, SCM, finance, and MAS teams, summarizing findings.
Our Services Include:
- Consolidation of physical reports for all sites and assets/inventories.
- Reconciliation between physical counts and book records.
- Identification of discrepancies and analysis of the reasons behind differences.
- Delivery of a Physical Verification Report detailing the entire process.
At NGVR and Company, we provide accurate and efficient asset verification services to ensure compliance and safeguard your business’s financial integrity. Our expert team is equipped to handle asset verification both in India and internationally, with local teams available for remote areas.