Fixed Asset Audit Checklist

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• Check Depreciation and Amortization and Impairment on fixed assets is as per law
• Check Physical verification report or conduct Physical verification on sample basis yourself
• Check whether company has any SOP ( Standard Operating procedures) for Fixed asset management process.
• Check SOD ( Segregation of duties) rules in the process
• Check whether the process is as per SOP or not
• Check treatment of in the books is as per Ind AS or not.
• Check logical access rights to respective users in fixed asset management software
• Check procurement process ( for fixed assets)
• Whether their is any process for disposal of scrap
• Verify fixed asset register with accounts.
• Check whether separate tracker maintained by IT department to track IT assets
• Very laptops and desktop through Logical controls
• Check procurement and end use of softwares ( Specially MS Office)
•  Check ageing of fixed assets (If any unused assets available)
• check reconciliations made between different set of data
• Check  for automization  opportunities available in process
• check sample purchases ( from requisition to payout)
• Match purchases with annual budget
• Check IFC related Fixed assets.
• Check capitalisation is done as per policy
• Check Organisations risk register
• Check treatment of GST on sale of old asset ( Match with GST return)