Fa physical verification

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 Is it mandatory to get physical verification of assets to be conducted every year. If not, what is the time limit.

CA Priyank Singhi

CA Priyank Singhi (Expert)
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20 February 2013 In the CARO report the auditor writes that he has physically verified all the fixed assets. Hence you should verify it physically else in case of non compliance you will be liable.

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2013 As per CARO auditor is required to only comment that internal control system is in place or not.

For this physical verification of assets is mandatory in every year or can be conducted in block of years.

CA Priyank Singhi

CA Priyank Singhi (Expert)
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21 February 2013 Assets should be verified physically by the management at reasonable intervals. This would mean may be twice a year. An auditor will not have to necessarily check the same every year if management approves of the same. However, if possible it should be checked, if not every year then maybe once in 2 years.

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