Fixed asset verification means checking on site that every asset in the register exists, where it is and what condition it is in. We build or repair the register, attach a QR tag to each asset, verify by scanning with a phone, and deliver a found / moved / missing report with depreciation schedules.
In most companies fixed assets exist only as numbers: total cost and depreciation by class. Where each asset is, who uses it and who supplied it is recorded nowhere. The auditor then writes that the register is not properly maintained and the existence of assets could not be confirmed.
Our team has written exactly that finding in a food group's audit, and has rebuilt schedules from unit-wise addition break-ups at several manufacturing companies. The process below comes from that work.
On this page
What a good fixed asset register holds
| Field | Why it matters |
|---|---|
| Tag number | To identify and scan each asset |
| Name, model, serial number | To tell two identical machines apart |
| Class (machinery, vehicles, furniture…) | For depreciation rates and the financial statement note |
| Location, unit and custodian | To find it during verification and assign responsibility |
| Supplier, invoice number, purchase date | Proof of purchase and checking tax and VAT deducted at source |
| Cost, rate, method, accumulated depreciation, WDV | For the book value and the tax register |
| Last verification date and result | Evidence for the next audit |
What verification uncovers
- On the books but not found: stolen, sold or scrapped but never written off
- Found but not on the books: expensed when bought, or transferred from another unit
- Moved: transferred between units without updating the register
- Idle or damaged assets: candidates for impairment or write-off
- Whether tax and VAT were deducted at source on this year's asset purchases
Want us to do this for you?
Tell us your situation on WhatsApp and we will tell you exactly what is needed and how long it takes.
What you receive
- A cleaned-up fixed asset register (in Excel and in the software)
- A QR tag on every asset
- Verification report: found, moved, missing, idle
- Draft adjustment journal entries to discuss with your auditor
- Class-wise depreciation schedule in financial statement note format
- Optionally, the register software on an annual licence so your team can verify next year
What to have ready
- The fixed asset schedule from the last audited financial statements
- The current register in whatever form it exists (Excel, ledger or ERP report)
- Asset purchase invoices for the last two or three years
- A contact person at each unit or office who knows the premises
How it works
- PlanningList units and offices, estimate asset numbers and fix the dates. The first time, we pilot one unit.
- Reconcile the registerMatch the book schedule, any existing register and purchase invoices into a starting list.
- Tag and scanOn site, attach a QR tag to each asset and record location, condition and custodian by scanning with a phone.
- Report and entriesFound / missing report, draft adjustments and depreciation schedule for management.
- HandoverRegister and software handed to your team, with a day of training.
Frequently asked questions
How long does it take?
It depends on the number of assets and units. A factory unit with a few hundred assets usually needs a few days on site, then the report. We give a written timetable at the planning stage.
What happens if assets are not found?
We list them with reasons for management. Whether to write them off or keep searching is management's decision. We then draft the adjustments for discussion with the auditor.
Can accounting and tax depreciation be kept separately?
Yes. The register can hold two sets of rates: your accounting policy rates and the income tax rates. The difference between them drives the deferred tax calculation.
We have never kept a register. Can you still do it?
Yes. We start the list from assets found on site, then match values from purchase documents and old schedules. Assets without documents are shown separately.
Talk to us about your accounting work
The first conversation is free. You get a written price and timeline before any work starts.
Related pages
Fixed asset register software
QR tags, mobile verification, automatic depreciation and audit reports. Live demo available.
Large companiesYear-end physical inventory count
Count planning, teams, scan-based counting, variance report and adjustments.
CalculatorsDepreciation calculator
Year-by-year depreciation and WDV table on RB or SL.
Free templatesFixed asset register and depreciation schedule: free Excel
Asset-wise register, RB and SL depreciation, class-wise schedule and verification.
ServicesAudit preparation and coordination
Trial balance clean-up, reconciliations, confirmations, schedules and every audit document.
Written by the EOMS Hisab accounts team. Last reviewed: . Bangladesh rules change with each Finance Act, SRO and circular. Check rates and thresholds against the latest official source before relying on them.