fixed asset

You can do following things to verify the Fixed Assets:

1. Ask for the Fixed Assets Register and Physically verify each and every Fixed Asset for its actual existence.

2. Ask for the purchases of Fixed Assets during the year, Verify bills of such purchases.

3. Check the depreciation schedule and rates at which depreciation is charged on the Assets.

4. Additionally, you can also check whether proper tagging has been done or not for the assets in use.

It depends on the assignment which you are doing:

For example

1. if it is statutory audit - as explained by Mr. Prajjwal kaushik

2. if the assignmet itself is FA verification - then Mr. prajjwal 1st point and you are supposed to be dobe tagging of the fixed assets (if both the paerties agreed for this)