How would you verify fixed assets

Question

Accepted Answer

To verify fixed assets, conduct physical inspections, review documentation, reconcile records, and perform valuation assessments.

Conduct physical inspections of fixed assets to ensure their existence and condition.
Review documentation such as purchase invoices, receipts, and maintenance records to verify the acquisition and maintenance of fixed assets.
Reconcile fixed asset records with general ledger accounts to ensure accuracy and completeness.
Perform valuation assessments to determine the fair value of fixed assets.
Use technology such as barcode scanning or asset tracking software to streamline the verification process.
Perform periodic spot checks to ensure ongoing accuracy of fixed asset records.

Accepted Answer

Verify wheather the fixed asset is in the name of the company. Verify wheather the fixed asset is with company.
Verify wheather there are any major repairs to the machinery which increases the capacity. If yes accounting for accordingly.

How would you verify fixed assets

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