Fixed Asset Management

• It is an accounting process to keep a track on companies Fixed Asset for the purpose of financial accounting ,asset maintenance and theft prevention
• It aims to track the location, quantity, condition, maintenance and depreciation status of their fixed assets
• It consists of two activities namely –

1. Fixed Assets Verification (FAV)
2. Fixed Assets Register (FAR)

Activities performed under FAV/ FAR

• Achieve regulatory compliance applicable to the organization
• Identification of any gap assets in the books of accounts
• Assistance in performing dynamic inventory verification
• Ensure accurate depreciation calculation for reporting purposes
• Assistance in movement and disposal of asset in a proper manner
• Ascertainment of variance between books and physical verification
• Bar Coding of individual asset tags will significantly reduce the effort necessary for verification of inventories
• Enables multiple concurrent inventories with centralized reconciliation
• Ascertain fair value of the fixed assets that may reduce insurance and tax costs
• Tracks origin and destination of transferred assets. Lists transfer date, acquired values

ICFR Advisory

Internal control over Financial Reporting or ICFR is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that

• pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company
• provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

 

We help client achieve the objective of ICFR in real sense with not just compliance of Companies Act but by strengthening the controls of the company