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What are "Fixed Assets"?
Land, Buildings, Equipment, Vehicles, and other items that are bought to assist in the generation of income are called "Fixed Assets".
A unique feature of fixed assets is that it is counted as a non-current asset.
What is a Non-Current Asset?
Assets that are purchased with the intention to be used for a longer period of time, ie for more than 1 year are called non-current assets. Assets that are sold or converted into cash within a year after purchase are called "Current Assets".
What is a Fixed Asset Audit?
An audit involving the counting of all fixed assets together with their monetary value evaluation is called a Fixed Asset Audit. It deals with building, maintaining, and updating records of purchase such as date of purchase, receipts, serial no. of equipment, depreciating value, and other relevant details.
How does one perform a Fixed Asset Audit by Tax Robo?
It is a good idea that this audit be performed by a professional such as a Chartered Account or a Legal Advisor. It is so because the evaluation & record keeping of fixed assets usually deploys accounting skills and a sound knowledge of property law. Fixed Assets audit will be conducted based on the Indian Accounting Standard (AS) 10 - Fixed Assets Accounting.
Step 1: Physical observation
This is simple. An auditor observes the assets with their eyes and notes down valuable details such as location of the property, size (for lands & buildings), date of purchase, value at the time of buying, ownership documents, property tax compliances (land & buildings), receipt of purchase & serial no. (for equipments) and other important details.
Step 2: Creating a log book
All the assets accounted for are entered into a journal and every detail is noted down. Relevant documents are attached & stored along with the entry of each asset.
Step 3: Calculation of Current value & Depreciation
Assets appreciate in monetary value with time, while some of them depreciate. Some of the fixed assets (equipement, machinery etc.) lose their value as they age, due to wear, tear, or due to emergence of a better technology.
It is therefore important to calculate the current value of a fixed asset in order to decide whether continued usage with maintenance or selling the asset is economically wise.
Tax Robo helps you with your fixed asset audits. Our legal experts take away all the hassle of generating and maintaining a log of your fixed assets. With our assistance, you can live peacefully knowing your fixed assets are accounted for and taken good care of.
Auditing Services In India
How it Works
✓ You fill out the inquiry form.
The client relations team calls or emails you.
Understanding of requirements.
✓ Ballpark estimate (if possible).
✓ Proposal (if required).
✓ Approval to go ahead.
✓ Contracting & SLA sign-off
Resource deployment & training
Project kick-off meeting
✓ Project execution & management
On-going reporting & feedback
✓ Work delivery to the client
Client feedback and review
Compliances of Statutes
- TDS Compliances
- Services Tax Compliances
- PF & ESI Compliances
- Professional Tax Compliances
- Income Tax Compliances
- Others Statutory Compliances
Fixed Asset Controls
- Fixed Asset Accounting
- Fixed Asset register Maintenance – with Location
- Asset Deletion Accounting & Recognition
- Insurance details for Fixed Asset
Analysis of Various general Ledger Transactions and Balances
- Setup an Internal Controls System for smoothening the functions
- MIS Reports for Management
- Collections and Follow-ups in Excel data Sheet
- Budgetary Controls
- Documents Maintenance Controls and Supports
Tax Robo Team and Process
- Surprise Verification
- Associated Firms In Tamilnadu
- Strength Is Our Branches
Various Internal Controls
Segregation Of Duties: Duties Are Segregated Among Different People To Reduce The Risk Of Error Or Inappropriate Action. Normally, Responsibilities For Authorizing Transactions (Approval), Recording Transactions (Accounting) And Handling The Related Asset (Custody) Are Divided.
Approvals, Authorizations, And Verifications: Management Authorizes Employees To Perform Certain Activities And To Execute Certain Transactions Within Limited Parameters. In Addition, Management Specifies Those Activities Or Transactions That Need Supervisory Approval Before They Are Performed Or Executed By Employees. A Supervisor's Approval (Manual Or Electronic) Implies That He Or She Has Verified And Validated That The Activity Or Transaction Conforms To Established Policies And Procedures.
Security Of Assets (Preventive And Detective): Access To Equipment, Inventories, Securities, Cash And Other Assets Is Restricted. Assets Are Periodically Counted And Compared To Amounts Shown On Control Records.
Detective Controls Are Designed To Find Errors Or Irregularities After They Have Occurred. Examples Of Detective Controls Are:
- Reviews of Performance: Management compares information about current performance to budgets, forecasts, prior periods, or other benchmarks to measure the extent to which goals and objectives are being achieved and to identify unexpected results or unusual conditions that require follow-up.
- Reconciliations: An employee relates different sets of data to one another, identifies and investigates differences, and takes corrective action, when necessary.
- Physical Inventories
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