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ASSET AUDITING

Fixed asset verification involves lining up of all the assets specifying the places about where the assets are held and the ones responsible for the possession

Our Services for Asset Management

Only Physical Verifcation

If you looking for only verification of your asset, we can deliver professional service to compare your FAR report and actual report. It involves the following process

  • Identify the category of assets
  • Define locations
  • Collect existing data
  • Tagging
  • Comparison
  • Final Report

Complete Physical Audit

If you looking for a complete audit of your asset, we can deliver professional service to compare your FAR report and actual report. It involves the following process

  • Identify the category of assets
  • Define locations
  • Collect existing data
  • Tagging
  • Comparison
  • FAR Register Comparison
  • Final Report
  • Improvement Areas
  • Certified by CA

Asset Outsourcing

If you are looking to outsource your complete asset management for better management. We can help you to reduce cost and wastage

  • Dedicated resource
  • Free Software
  • Weekly & Monthly Report
  • Free Management for Consumables
  • Improvement Areas
  • Reduce Waste Management
  • Asset Allocation Strategy
  • Financial year report

What is Asset Auditing?

Physical asset auditing is needed for:

Asset auditing is a physical verification process. Comparing an organization’s “official list” of assets to the actual assets physically located. By conducting this audit you are confirming that the assets listed on an organization’s balance sheet are real (or exist physically) or NOT.

Establishing the existence and location of an organization’s assets, and evaluating their condition is a crucial business task for small and large organizations. It's mandatory compliance.

Fixed asset verification involves lining up of all the assets specifying the places about where the assets are held and the ones responsible for the possession.
Assets can move locations, get reassigned to other people, get replaced, etc. Accounting needs accurate data for tracking inventory and calculating depreciation.

Whether your assets are fixed or movable,  they can be managed much more efficiently in a paper-free environment. Auditing fixed assets are extremely important to ensure that accounting for capital assets and depreciation is in compliance with the management’s objectives.

  • Cost optimization
  • Ensure business discipline
  •  ESOP
  • Merger or Acquisition
  • Public Listing
  • Compliance requirement (OCC Regulation 12 CFR 9, Clause 4(i) of CARO, IT ACT 2008, Section 16AB of the Audit Act 1994-Melbourne
  • Best Practices
  • ISO 27001:2013 Asset handling an

Asset Auditing Process

Complete Process for Auditing

How Asset Auditing help?

First It will give an actual picture of Asset Valuation

A fixed asset audit identifies the assets that the company and current status of the assets. Because a fixed asset audit helps to prepare the accurate balance sheet. Hence it will ensure regulatory compliance. In addition to these fixed asset audits provides better internal control.

It also helps you identify unwanted assets lying in different locations, the asset which is depreciated to almost 0 but still in use. Assets that are lost or stolen.

Business is all about assets and risks. If the customer is an asset, then the competitor becomes a risk. Managing your assets means managing those risks

  • What risks are the most critical to you?
  • Do you look at production risks, investor risks or customer risks?
  • What about health and safety, and environmental risks?

There are many risks related to asset management facing organisations today, with different probabilities and severity of outcomes. Often the implications of those risks are not fully understood.

If you are not able to operate your physical assets when needed, is it just lost revenue for the duration of the downtime? Or additional costs due to expedited deliveries? Or is the matter more severe, resulting in a permanently lost customer because of missed deliveries in a JIT (Just in Time) manufacturing environment? Customer issues related to quality or customer service can have similar outcomes.

The negative outcomes related to health and safety, and environmental violations have gotten much more severe. As well as the amount of the fines increasing for violations, more jurisdictions are imposing jail sentences for violations.

Other than this, all private and public entities are required to conduct an annual physical count of all fixed assets to verify actual assets in hand and value and ensure the accuracy of related financial records. One of the topics covered in the Final Asset Management Guide issued by the National Treasury is that a comprehensive Fixed Assets Register must be prepared. Once the Fixed Assets Register has been prepared, there is a need to continuously update with additions and disposals (maintaining a separate Disposal listing), the assets must be depreciated on an annual basis. More importantly, there is need to estimate the remaining useful lives and residual values of the assets on an annual basis at the bare minimum.

The fixed asset register shall be maintained in the format determined by the entity, which format shall comply with the requirements of any accounting requirements, which may be prescribed.

Asset Auditing Report

Complete Process for Auditing

Why Greenitco?

Asset Management Outsourcing

What is Asset Management Outsourcing?

Complete Asset management Outsourcing

Keeping track of assets can be a challenge to organizations, both large and small. Assets can move locations, get reassigned to other people, get replaced, etc. Management wants reports about asset allocation, usage and service history. Accounting needs accurate data for tracking inventory and calculating depreciation.

Management wants reports about asset allocation, usage, and service history. Accounting needs accurate data for tracking inventory and calculating depreciation.

IT: Creating inventory (software/hardware), barcoding, tagging, disposal, software tools, warranty, software compliance level.
Site: Creating inventory, fixed and movable asset categorization, equipment and machinery tagging, asset evaluation.
Project: Asset movement, vendors, and new branches.
Finance: Physical asset evaluation, building database, providing vendors for insurance, charted accountant audits, depreciation report, compliance status.

There are many processes and tools to support the management of the information on assets and the maintenance of the assets. Depending upon the size and requirements of the organization, tools from manual paper-based systems, to spreadsheets, to EAMS (enterprise asset management systems), and ERP (enterprise resource planning) systems have been effectively used.

The critical issues are to select the processes and tools most appropriate for your organisation and to use them effectively.  These situations can cause poor quality or inaccurate data, as users see no value to the systems, inefficient processes with considerable manual intervention where the processes are not optimised for the system used, and duplicate data entry or use of manual entry when the systems could better manage the data. The final result is often considerable investment in systems with little of the promised benefit achieved.

Outsourcing is the complete process management from Requirement gathering, procurement, Asset delivery, asset tagging, allocation and deallocation and Finally asset disposal.
According to the number of assets and size of the organization, you need to dedicate a team to handle assets

Contact us

Talk to our team about your business goal

Our successful audit and proven method would get you relevant answers to the following queries:

Where do the firm’s assets truly lie?
Does this asset present true values?
Are the assets maintained properly?
Which assets are being underutilized?
What are the critical assets?
Compliance report

Get in touch with our team to benefit more from our expertise.

Certification & Quality

OUR CUSTOMERS

We have our own Asset Management Software along with Service desk, Automatic network discovery and Procurement management
Our engineer will be deployed and managing the entire asset management process.

MOBILE APPLICATION DEVELOPMENT

Our team of mobile app developers is creative and knowledgeable to accomplish your individual demands as well as your business needs. With 50 + Mobile and 100K users
We are DELL OEM to provide the best hardware and service for your infrastructure. We provide servers, professional laptop, and other Infra solutions

BUSINESS SOLUTION

Complete customized software and hardware integration for your business
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