Fixed Assets Verification

This is an outsourced function where a team of professionals are sent to the client's premises to help them in verifying if the assets recorded on the fixed assets register are physically available in the premises.

Services offered:

  • Physical Fixed Assets Verification
  • Walkdown Identification of the fixed assets
  • Reconciliation of the Fixed Assets Register to reflect all assets
  • Creation of the New Fixed Assets Register and Inventory List
  • Fixed Assets Classification
  • Fixed Assets Tagging (using the latest technology and Standards)
  • Fixed Assets Condition Assessment
  • Fixed Assets Valuation
  • Assistance to address Audit Findings on Fixed Assets
  • Fixed Assets Useful lives Assessment
  • Review of Fixed Assets Residual Values
  • Fixed Assets Impairment Testing
  • Assistance to prepare the PPE NOTE, Correct Depreciation and Amortisation
  • Reviewing and Ensuring compliance with Accounting Policies and Assets Management Policies
  • Software Licensing for Fixed Assets Verification and Assets Management
  • IFRS, GRAP, PFMA and IAS Standards Compliance on Fixed Assets

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WHAT ARE THE BENEFITS INCLUDED ON THIS SERVICE?

  • The service assist in certifying that fixed assets that are reflected on the assets register or Financial Records are physically present in the organization. It ensures the correctness and completeness of the fixed assets register
  • The methodology and best practices used in executing this function are aligned to meet international and local accounting reporting standards (e.g. IFRS, GAAP and GRAP). This service is designed to meet the needs of both the Public Sector and Private Service
  • This service assists the government at all spheres to perform the fixed assets verification and to ensure proper management of the fixed assets as required by the PFMA (Public Finance Management Act), MFMA (Municipal Finance Management Act), Assets Management guideline (National treasury)
  • It also assists the companies and organizations to create Assets Management policies, to comply with their assets management policies and to manage their fixed assets accurately and transparently.

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WHY BONMAS ASSETS VERIFICATION ?

Well-executed (BONMAS-executed) fixed assets verification is instrumental to organizational wellbeing and organizational success and creating a suitable working environment for you.


Bonmas Consulting's Assets Verification is more than just a technical function but focuses more on helping your organization to have full information about the assets including: the Condition and failure history of the assets so as to have a transparent view of what your employees are going through when using some of the assets in the company. And also helps the company to have sufficient information in time to draw a budget and make decisions when there is a need to repair, replace and dispose some of the assets.


Results for BONMAS CONSULTING's fixed Assets Verification:

  1. Complete Assets register with: locations, custodians, condition report , failure history, assets utilization status and etc.
  2. Equip you with full information on assets to enable you to make informed decisions about your assets.
  3. Help you to comply with the companies act, auditors requirements and other regulators
  4. Help you to create a conducive and suitable work environment for all your employees and their assets needs.
  5. Help you to create virtuous organization for all the stakeholders


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SYSTEM

We use our unique, leading and world class mobile system that is specially designed for fixed assets management and Fixed Assets Verification to scan different types of Barcodes/QR Codes on the assets that are already tagged, capture assets that were not previously tagged during walk-down identification and also capture the condition of the asset, generate REAL-TIME reports in cloud all in one INTEGRATED, streamlined and efficient manner.


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PHYSICAL VERIFICATION OF ASSETS

Fixed assets verification forms part of a significant element in financial reporting and the quality of work done is very critical to produce reports that are accurate and reliable. To achieve this, we will use our approach which combines highly skilled manpower, state-of-the-art technology and efficient systems that will allow us to execute the job in a timeous manner while not compromising the quality of work, also strive to perform our work with little to no interruption to the day to day operations of the client's business.

All Companies and government entities are required to conduct a physical count of all fixed assets to verify actual assets in hand and value and ensure the accuracy of related financial records.

A physical verification of assets is a process conducted by professionals to make sure that the assets of a company actually exist. It is of immense importance for every company to carry out this process at the end of every financial year.

Purpose of Physical Verification

  1. Statutory compliance (With Companies Act, National Treasury Requirements, PFMA and MFMA)
  2. TO verify the existence of the assets
  3. Internal Compliance
  4. Accuracy of Financial Reports
  5. To have accurate record of your assets for management decisions
  6. For Tax Compliance (Accurate Depreciation/wear and tear figures)

At the conclusion of the verification engagement, we provide a report and several specific reconciliation reports as defined below:

  • Matched assets - items found during the inventory process and traced to the fixed asset accounting records
  • Unrecorded additions - items found during the inventory process but not found in the fixed asset accounting records
  • Unrecorded retirements - items found in the fixed asset accounting records but not found during the inventory process

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WALK-DOWN ASSETS IDENTIFICATION:

The first core component of Assets management is the walk-down Identification. This is arguably the most important component of assets management.

The results of professional Assets Identification are:

  • Knowing what assets you have
  • Where they are located
  • Who is using which asset
  • What is the condition of your assets (After doing condition assessment)
  • and if they are still in use
We do a Walk-down Assets Identification which will see all your assets being captured with the following fields:

  • Barcode Number / Tag Number
  • Serial Number
  • Asset Class (Classification for Assets)
  • Asset Subclass
  • Asset Description
  • Asset Condition
  • Full Location
    • Area
    • Building
    • Floor
    • Room Number (Office Number)
    • Room Type (Office, Boardroom, Storeroom, etc.)
    • Room Barcode Number
    • Asset Custodian
    • Pictures of Any damaged Assets (Where necessary)
    • Electronically Signed inventory list per office/custodian

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