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Asset tagging and asset management is an accounting audit process that tracks fixed assets for the purposes of asset depreciation, asset financial accounting, asset preventive maintenance, and asset theft deterrence. The most commonly used asset tag is the barcode asset tagging technology. For most assets, iodinized tags are recommended because they do not ware out easily.
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Asset verification is the process of making valid the information on assets, for example for property, plant and equipment; confirming the existence, location and condition of the asset. Knowing what assets you have, where they are located, when they were purchased, if they are still in use, etc. is critical to any organization.
Fixed Asset Verification and Asset Audit
All private and public entities are required to conduct an annual physical count of all fixed assets to verify actual assets in hand and value and ensure the accuracy of related financial records.
Objectives of Asset verification of assets
Once the Fixed Assets Register has been prepared, there is need to continuously update with additions and disposals (maintaining a separate Disposal listing), the assets must be depreciated on an annual basis.
More importantly there is need to estimate the remaining useful lives and residual values of the assets on an annual basis at the bare minimal.
The fixed asset register shall be maintained in the format determined by the entity, which format shall comply with the requirements of any accounting requirements, which may be prescribed.
Keeping track of assets can be a challenge to organizations either large or small. Assets can move locations, get reassigned to other people, get replaced, etc. Management wants reports about asset allocation, usage and service history. Accounting needs accurate data for tracking inventory and calculating depreciation.
Knowing what assets you have, where they are located, when they were purchased, if they are still in use, etc. is critical to any organization.
While companies for a wide range of tasks use spreadsheets, a majority of companies continue to use spreadsheets for financial tracking and reporting. It is however more important that companies keep tighter track of their financial data, including their fixed assets.
Some negative aspects of spreadsheets when it comes to tracking and depreciating fixed assets are
Manual creation of formulas
Lack of audit trails
Potential for fraud
It is important that companies understand the deficiencies with spreadsheets and implement solutions that are designed specifically for the intended purpose.
Benefits of Asset Verification
Identification of Asset not tagged ( i.e if asset tagging process had been done initially).
Identify asset not owned by the company but are still shown in the company asset register.
Identify assets not in use.
Identify assets that are to be disposed due to wear and tear or they are malfunctioned or broken.
Identify new assets not captured in the asset register.
Identify assets that were disposed but still in the company asset register.
Identify assets in wrong location.
identify asset movement. i.e Assets that have been moved from one department to another without updating the asset register.
Ascertain the actual value of company assets.
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