Physical Verification and Tagging
Having been compiled and developed by contributors who have immense experience in Process Building and Re-engineering, these manuals are made exhaustive and so blend smoothly with operations of any organization without need for further customization. However, if a client does find a need for customization, B’Risk will take care of the same.
- Fixed Assets Tagging and Physical Verification
To assess the number and status of the Fixed Assets in the organization and tag them. And to match it with what is in the books. - Inventory Physical Verification
To help match the physical inventory with the inventory in the books and identify the reason for the differences.
B’Risk Value-Add- B’Risk acts as the independent voice that can assess and report the status with accuracy. This goes a long way in safe guarding the fixed assets/ inventory. The combination of our Audit and Risk backgrounds is our greatest advantage
- When shared, our well-documented and transparent process, gives statutory auditors confidence in the prepared Fixed Assets/ Inventory Register(s).
- Team B’Risk is equipped to provide Pan India support to carry out this task uniformly across branches on the same day. Our team size, clarity of focus and a documented and well-adhered-to process helps in the same.
- While at the task, B’Risk also helps assess if the organization is adequately insured, and if every asset/ inventory has been identified and covered.
Methodology
collection of data
When shared, our well-documented and transparent process, gives statutory auditors confidence in the prepared Fixed Assets/ Inventory Register(s).
Physical Verification
Physical Verification of the Fixed Assets/ Inventory and data capture viz, the technical specifications, locations, user and other details. Sign-off from department heads for the list od assets/ inventory unders their control. Preparation of asset register with reference to books accounts, tagging/ sticker to be put on assets.
Reconcilliation with Book of Accounts
Reconciliation with the Physical Verification registers and the books of accounts to synchronize the records. Preparation of a comprehensive reconcilled register
Process Improvement
During this entire process there arise a lot of opportunity for discrepancy identification and resolution. This give way to correcting the root cause of discrepancies and carrying out process improvements.
