How to verify fixed assets?

Question

Accepted Answer

Fixed assets can be verified through physical inspection, documentation review, and reconciliation with accounting records.

Conduct a physical inspection of the fixed assets to ensure their existence and condition.
Review documentation such as purchase invoices, contracts, and maintenance records to verify the acquisition and maintenance of assets.
Reconcile the fixed asset register with the general ledger to ensure accurate recording and classification of assets.
Perform asset tagging or labeling to facilitate identification and tracking of assets.
Consider using technology such as barcode scanners or asset management software for efficient verification.
Perform periodic spot checks or surprise audits to deter fraud or misappropriation of assets.

Accepted Answer

1.Firstly physically verify the fixed assets will cross verified with fixed asset register
2.Method of depreciation following & consistency has been verified 
3. Following assertions will be followed
  a. Existence- by physically verification
  b. Rights and obligations - whether having         ownership rights over such assets
 c. Valuation - method of valuation & depreciation methods
 d. Presentation - As per schedule 3 
e. Disclosures - As per Ind As 16 property, plant & equipment
f. Completeness - test of details of additions & deletions with fixed assets register

How to verify fixed assets?

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