Main objectives of a Fixed Asset Audit
The main objectives of a Fixed Asset Audit are to verify the following:
- Existence of fixed assets.
- Correctness of the entity’s capitalisation and accounting policy.
- Completeness and accuracy of the fixed asset registers and records maintained by the entity.
- Compliance with applicable Accounting Standards and Guidance Notes issued by ICAI.
- Whether depreciation is calculated as per the applicable framework or statute.
- Whether disposals and impairments of fixed assets, if any, are correctly accounted for.
The value of a Fixed Asset Audit
A Fixed Asset Audit helps in the preparation of accurate financial statements and supports the statutory auditors. It ensures regulatory compliance with the Income Tax Act, 1961, CARO 2020, and Schedule II & Schedule III of the Companies Act, 2013. In addition, a Fixed Asset Audit strengthens internal controls and helps the company correct any errors or omissions in accounting and capitalisation.
Our firm, with qualified Chartered Accountants and experienced professionals, provides Fixed Asset Audit services in accordance with generally accepted auditing principles.
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A 30-minute call with a partner — no deck, no follow-up email blasts. Just a read on whether we’re the right team to handle your Fixed Asset Audit.