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Fixed Assets & Inventory Count
Fixed asset and inventory management
Statutory Auditors are required to comment on internal control established by the company on fixed assets and inventory in the audit report. Further, the internal control and audit of any entity requires that the Fixed Assets and Inventories are appropriately tagged and counted.
Regular fixed asset and inventory management has its advantages like,
Better internal control and accountability.
Compliances with internal guidelines and laws & regulation.
Informed decision making w.r.t. procurement and investment.
Working capital management.
Timely updating of records
Big corporations have operations at different locations. As a result, the fixed assets and inventories are located at spread out locations. This requires a strong and competent team to undertake the physical verification and counting at same time at different locations. We have a strong support team who can facilitate this process. Our team is having varied experience for different industries and are equipped with the industry and a detailed report is shared at the end of the activity completion, which would also provide insights for improvement over existing systems for facilitation of quick identification of stock for future purpose.
By tracking your assets with an asset management solution, you guarantee accuracy. These detailed records ensure your audit is completed quickly and efficiently because you won’t spend most of your time addressing discrepancies. Instead, you could simply scan the assets within a location and allow the asset tracking solution to do the data analysis. Investing in an asset tracking solution, is the first step in accurate fixed asset records; auditing those assets regularly guarantees the validity of your financial records and helps protect your company from loss.
Having regular audits of fixed asset inventory, ensures your company’s asset records are accurate. Without accurate asset records, your financial balance sheets will be incorrect, loss may occur, or fixed assets necessary for the continued functioning of your business may not be available when needed. The audit process need not be difficult or time-consuming.