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.
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.
CAclubindia
