Audit of Fixed Assets

Objectives

Ensure that All Expenses which need to be capitalized are capitalized;
Company is maintaining proper Records of Fixed Assets;
Deprecation , Profit/Loss on Fixed Assets Correctly Calculated;
Compliance of Accounting Standards;
Compliance of Revised Schedule VI

Steps to achieve the Objectives

understand the client procedure of Fixed Assets acquisition and disposal
Obtain Fixed Assets Register as maintained by the Client
Vouching of addition of fixed assets
Depreciation accounting
Revaluation of assets

How its works

1. Stage 1

You fill the inquiry form:
The client relations team calls or emails you:

2. Stage 2

Understanding of requirements.
Ballpark estimate (if possible).
Proposal (if required).
Approval to go ahead:

3. Stage 3

Confirm pricing:
Contracting & SLA sign-off:

4. Stage 4

Resource deployment & training:
Project kick-off meeting:

5. Stage 5

Project execution & management:
On-going reporting & feedback:

6. Stage 6

Work delivery to the client:
Client feedback and review:

Compliances of Statutes

TDS Compliances
Services Tax Compliances
PF & ESI Compliances
Professional Tax Compliances
Income Tax Compliances
Others Statutory Compliances

Fixed Asset Controls

Fixed Asset Accounting
Fixed Asset register Maintenance – with Location
Asset Deletion accounting & Recognition
Insurance details for Fixed Asset

Analysis of Various General ledger transactions and balances

General Leger Analysis

Setup a Internal Controls Systems for smoothening the functions
MIS Reports for Managements
Collections and Follow-ups in Excel data Sheet
Budgetary Controls
Documents Maintenance Controls and Supports

Marks India Team and Process

Surprise Verification
Associated Firms In Tamilnadu
Strength Is Our Branches

Various Interal Controls

Preventive Controls

Segregation of Duties: Duties are segregated among different people to reduce the risk of error or inappropriate action. Normally, responsibilities for authorizing transactions (approval), recording transactions (accounting) and handling the related asset (custody) are divided.

Approvals, Authorizations, and Verifications: Management authorizes employees to perform certain activities and to execute certain transactions within limited parameters. In addition, management specifies those activities or transactions that need supervisory approval before they are performed or executed by employees. A supervisor's approval (manual or electronic) implies that he or she has verified and validated that the activity or transaction conforms to established policies and procedures.

Security of Assets (Preventive and Detective): Access to equipment, inventories, securities, cash and other assets is restricted; assets are periodically counted and compared to amounts shown on control records.

Detective Controls

Detective Controls are designed to find errors or irregularities after they have occurred. Examples of detective controls are:

Reviews of Performance: Management compares information about current performance to budgets, forecasts, prior periods, or other benchmarks to measure the extent to which goals and objectives are being achieved and to identify unexpected results or unusual conditions that require follow-up.
Reconciliations: An employee relates different sets of data to one another, identifies and investigates differences, and takes corrective action, when necessary.
Physical Inventories
Audits