Physical Verification of Fixed Assets /Fixed Assets Tagging
Physical verification of fixed assets is a crucial process that organizations undertake to ensure the accuracy and reliability of their financial records. Fixed assets, such as property, plant, equipment, and other tangible assets, are essential components of a company's balance sheet.
Conducting regular physical verification along with tagging helps in confirming
- Identity,
- Existence,
- Condition
- Location of these assets,
- Assurance to stakeholders and
- Mitigate the risk of errors or misstatements in financial.