Maintain Reliable Fixed Asset Records with Independent Verification
At Lekshmi N Iyer & Associates, we support organizations in verifying, tagging, and reconciling their fixed assets to ensure proper financial reporting and operational control.
Whether for audit readiness, M&A due diligence, or internal control strengthening, verified fixed asset registers help ensure compliance with applicable accounting standards and avoid discrepancies in statutory filings.
Enabling better control through clear asset visibility
We structure verifications based on usage, location, and depreciation policy—providing records that are ready for both statutory and internal audits.
Our Fixed Asset Verification Services Include
Scope of Work and Deliverables
- Physical Verification of Assets
On-site asset count and condition review across departments, locations, or warehouses. - Asset Reconciliation & Register Update
Matching physical assets with the accounting register and flagging excess, missing, or obsolete items. - Tagging & Labeling Support
Assistance with asset tagging (barcode or RFID) for tracking, based on client request. - Depreciation & Lifecycle Review
Cross-check of depreciation applied as per accounting policy and usage status. - Audit-Ready Reporting
Structured reports for use during tax audit, statutory audit, or internal management reviews.
All procedures are aligned with applicable accounting standards and internal control expectations.
Why Asset Verification is Critical for Financial Accuracy
Inaccurate or outdated fixed asset records may lead to misstatements in financial reporting, incorrect depreciation claims, or regulatory queries.
An independent asset verification ensures that your books reflect the physical and operational reality—helping you maintain better compliance and asset oversight.
Structured Steps from Assessment to Final Reporting
- Data Collection & Register Review
Analyze existing fixed asset records, tagging systems, and location-wise ownership. - Physical Verification Across Sites
Conduct on-ground asset checks to confirm presence, usability, and tagging status. - Optional Tagging Support
Barcode/RFID tagging provided as per client requirement and standard operating formats. - Reconciliation & Gap Analysis
Identify and report missing, unrecorded, or duplicate entries with audit trail references.
Final Register & Observations Report
Deliver a clean, reconciled fixed asset register, complete with recommended action steps.- Data Collection & Register Review
What’s Included
Department-Wide or Multi-Location Coverage
Customized based on the scale and structure of the business.
Updated Fixed Asset Register
Fully reconciled, including asset ID, location, condition, and classification.
Supporting Notes on Depreciation or Classification
Highlight any discrepancies with accounting policies or depreciation rates.
Outputs for Internal, Tax, and Statutory Audit
Prepared in formats acceptable to audit teams and regulators.
Fixed Asset Verification FAQs
Common questions about income tax, compliance, and litigation support in India.
Why is fixed asset verification important?
It helps ensure that financial statements reflect accurate asset values and supports statutory compliance by avoiding misstatements.
How often should verification be done?
Many businesses undertake asset verification annually or during significant transitions such as mergers, funding, or restructuring.
What if we find missing or outdated entries?
Discrepancies will be reported with classification (e.g., obsolete, relocated, or untraceable), and recommendations will be provided for rectification.
Do you handle tagging as well?
Yes, tagging (barcode or RFID) can be facilitated based on client request, provided it aligns with audit scope and engagement terms.
