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A Fixed Assets Audit is a systematic examination and verification of a company’s fixed assets to ensure that all assets recorded in the books of accounts physically exist, are properly valued and comply with accounting and statutory requirements.
Fixed assets generally include:
The audit helps organizations maintain accurate asset records, detect discrepancies and strengthen internal controls.
A fixed assets audit is important for maintaining transparency and accuracy in financial reporting. It helps businesses:
Physical inspection is conducted to verify that the assets recorded in books are actually available at the business premises.
Review and reconciliation of the Fixed Asset Register with financial statements and supporting documents.
Verification of asset tagging, serial numbers and identification records for proper tracking and monitoring.
Examination of depreciation calculations as per applicable accounting standards and Income Tax provisions.
Verification of purchase invoices, capitalization entries and disposal records of assets during the financial year.
Assessment of compliance with accounting policies, Companies Act provisions and statutory audit requirements.
The following documents are generally required:
Fixed assets audit services are useful for:
Professional auditors provide systematic verification and reconciliation of business assets using structured audit procedures. Expert audit services help organizations maintain reliable asset records, strengthen compliance and support accurate financial reporting.
Testimonial Detail
Thank you to Arpit jee for providing seamless support in our company registration and GST registration. The process was handled professionally, documentation was accurate, and communication was very prompt. Highly satisfied with the service and will definitely continue working with your team. Special mention to Priyanka and Namrata Jee to make things easier to connect.
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