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Audit and Assurance

Fixed Asset Audit

Fixed assets serve as substantial investments for organizations, comprising machinery, equipment, and office furnishings that significantly influence future earning potential. Managing these assets entails diligent oversight, from acquisition to disposal, to maintain regulatory compliance and preserve valuation and profitability.
In this context, a Fixed Asset Audit assumes critical importance. It involves a thorough examination of fixed assets on-site by a team of professionals to ensure alignment with book records. At Kanumuri & Co, our experienced professionals conduct audits with precision, scrutinizing compliance at various levels to ensure accurate fixed asset management.

Why Choose Kanumuri & Co for Fixed Asset Audit?

Comprehensive Oversight: Our audits ensure meticulous recording of fixed assets in books, implementing robust internal controls throughout their lifecycle.
Expense Validation: We discern between entries affecting the Profit & Loss statement and those capitalized in books, ensuring accurate financial reporting.
Updated Fixed Asset Registers: Through on-site scrutiny, we construct new and updated Fixed Assets Registers, ensuring completeness and accuracy.
Depreciation Treatment Evaluation: We verify depreciation treatments to ensure compliance with Accounting Standards and the Companies Act, 2013.

Services Offered by Kanumuri & Co in Fixed Assets Audit:

Physical Observation: We physically observe fixed assets to reconcile accounting records with actual assets, ensuring their existence and accuracy.
Internal Audit: Our audits include internal controls surrounding asset recording and yearly verification of written-off expenses.
Valuation: We ascertain fair value versus book value through fixed asset valuation, ensuring accurate financial representation.
Transaction Analysis: We analyze various general ledger transactions related to fixed assets, ensuring compliance and accuracy.

At Kanumuri & Co, we pride ourselves on our disciplined approach to audits, adherence to deadlines, and comprehensive coverage of all aspects of fixed asset management. Partner with us for unparalleled services tailored to elevate your fixed asset oversight.

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