fixed asset
SREELEKSHMI G S (14 Points)
20 December 2017
how to verify fixed assets in the government organization
3 Replies
Divakar
(Student CA Final )
(11857 Points)
Replied 20 December 2017
Do site visit and verify with records.... See whether in actual asset is exists or not... Only bill is not available
Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 20 December 2017
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.
sudharshan reddy
(CA )
(42 Points)
Replied 21 December 2017
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)
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