Physical verification of assets is an activity conducted by auditors to make sure that the assets recorded in the books of account of an entity actually exist. Verification of Assets is the primary responsibility of the management. It is of enormous importance for every organisation to carry out this process at the end of every financial year. It is also a legal requirement under CARO 2016 for the Companies.
The objective of Physical Verification of Assets:
- Statutory compliance as per CARO 2016
- Ensures the physical existence of assets
- Valuation and rectification for any accounting discrepancy
- Internal compliances of the organisation
- Critical for continuous customer service
At Vinod Krishna & Associates, Asset Verification, Asset Tagging and Reconciliation is done by the expert team. Our team of experts will issue physical report for all sites and assets/inventories, reconcile between physical count and book count, find out the difference along with the reasons and provide details physical verification report.