Fixed Asset Verification Services in India
Fixed asset verification services across pan-India — floor-to-sheet and sheet-to-floor verification, with audit-ready reports supporting CARO 2020 reporting.
Audit-ready reports delivered after site completion, with timelines agreed before mobilisation based on asset volume, asset type and number of locations.
1,500+ locations · 395+ projects · 10 lakh+ assets
What are Fixed Asset Verification Services
Fixed asset verification services physically verify assets against the Fixed Asset Register (FAR) to identify ghost assets, missing assets, and record discrepancies, supporting CARO 2020 and Ind AS compliance. The process combines on-site Sheet-to-Floor and Floor-to-Sheet verification, QR/barcode/RFID tagging, and FAR reconciliation.
Our Verification Methodology
-
We follow a structured and audit-ready approach:
1. Sheet to Floor Verification
- Assets from FAR are physically verified at site
- Tagging and validation done simultaneously
2. Floor to Sheet Verification
- Assets available at site are identified first
- Later mapped with FAR records
3. Asset Tagging (Optional but Recommended)
- QR / Barcode / RFID tagging
- Mobile-based data capture
4. FAR Reconciliation
- Matching physical assets with records
-
Identification of:
- Not Found Assets
- Excess Assets
- Misplaced Assets
Scope of Fixed Asset Verification Services
Include:
- Physical verification of fixed assets
- Asset tagging (QR / RFID)
- Location mapping
- User mapping
- Condition verification
- FAR reconciliation
- Audit-ready reports
Common Issues We Find During Verification
Almost every Fixed Asset Register we verify has gaps. These are the most frequent:
- Ghost Assets — assets in the books that no longer exist on the ground
- Not-Found Assets — assets listed in the FAR that cannot be physically located
- Excess Assets — assets found on the floor with no entry in the records
- Wrong Location — assets recorded at one site but found at another
- Duplicate Records — the same asset entered twice under different IDs
- Unidentified Assets — assets with no tag, no ID, and no way to match them to the register
Choose TagMyAssets for Asset Verification Services
- Pan India execution capability
- 10 lakh+ assets verified across 1,500+ locations
- Verification executed through our own application
- RFID / QR expertise
- Audit & compliance focus
Deliverables Provided
- Updated Fixed Asset Register (FAR) — corrected records matching physical ground reality
- Exception Report — not-found, excess, and misplaced assets, itemized for action
- Tagging Report — asset-wise list of tags applied with asset IDs
- Location-wise Asset Summary — asset count and value by site and department
- Audit Support Documents — working papers your auditors can rely on
How the Verification Is Executed
Verification is carried out using our own application. Each asset carries a unique identity, so the application records the tag, asset details, location, department, condition, geo-location and photographs against that single asset as the team works through the site. Audit progress is visible live as the work proceeds, and findings are reconciled against your Fixed Asset Register and delivered as an audit-ready variance report in Excel.
Get a Quote
Use the contact details below or fill out the form, and we’ll be in touch promptly.
Need more help?
Don’t hesitate to contact us for more information.
+91 96500 03293
connect@tagmyassets.com
Why Asset Verification Matters
Regular verification identifies assets that exist in records but are missing on the ground, so they can be written off and the FAR kept accurate.
Verified asset records help businesses meet CARO 2020, Companies Act 2013, and statutory audit requirements without last-minute scrambles.
Reconciling physical assets with FAR catches over- or under-stated asset values before they impact your balance sheet.
Knowing exactly what assets exist, where they are, and who is responsible strengthens accountability across departments.
Accurate asset data ensures correct depreciation calculations and prevents over-insuring or under-insuring your asset base.
Multi-location businesses get consistent verification across all sites — same methodology, same report format, same compliance standard.
Our Process
1.
Obtain & Review Fixed Asset Register (FAR)
We obtain the existing Fixed Asset Register from the client and review it to understand asset categories, locations, capitalization details, and gaps between records and ground reality.
2.
Physical Verification
Our field team visits each site and physically verifies assets against the register. Existence, location, department, user and condition are recorded, along with photographs and geo-location captured through our application.
3.
Each verified asset is tagged with a durable QR/Barcode tag and mapped to the updated database. Assets are categorized based on type, location, department, and usage.
4.
Data Sanitisation & Standardisation
Asset data is standardized by correcting descriptions, categorizing assets appropriately, and removing duplications or obsolete entries to ensure consistency and audit usability.
5.
Physical verification results are reconciled with the FAR, and detailed variance reports are prepared highlighting shortages, excesses, and unidentified assets.
Q1: What is the difference between Sheet to Floor and Floor to Sheet verification?
A: Sheet to Floor verification starts from the Fixed Asset Register and physically locates each asset on-site. Floor to Sheet starts from assets physically present and maps them back to records. TagMyAssets uses both methods to ensure nothing is missed in either direction.
Q2: How long does asset verification take?
A: It depends on asset count, asset type and team size rather than on the calendar. A verifier covers roughly 100–150 assets a day for office furniture, 100–120 for laptops and IT equipment, and 80–100 for plant and machinery, so a 1,000-asset office site is roughly a week to ten days for one verifier, and less with a larger team. Multi-location projects run with parallel teams. The timeline is agreed before mobilisation, and the reconciled report follows once site work is complete.
Q3: Is asset verification mandatory under CARO 2020?
A: CARO 2020 requires the statutory auditor to report on whether the company has maintained proper records of Property, Plant and Equipment and whether these have been physically verified by the management at reasonable intervals. The reporting obligation sits with the auditor. In practice, companies covered by CARO carry out physical verification so that the auditor can report on it, and so that any material discrepancies identified are properly dealt with in the books of account.
Q4: What deliverables will we receive after verification?
A: You receive an updated Fixed Asset Register, Exception Report (missing/excess assets), Tagging Report, Location-wise Asset Summary, and Audit Support Documents — all in audit-ready format.
Q5: Do you provide asset verification services outside Delhi NCR?
A: Yes. We carry out verification across India, including Mumbai, Pune, Bengaluru, Chennai, Hyderabad and Kolkata. Larger projects are executed by our own field teams travelling from Gurugram; for smaller asset counts spread across many locations, we work through associate teams using the same methodology and application.
What an Engagement Looks Like
Before mobilisation, we need three things: the Fixed Asset Register in a workable format, a location list with site contacts, and confirmation of whether tagging is in scope or verification alone.
The register is reviewed before anyone travels. Duplicates, generic descriptions and missing location codes are identified at that stage, because a register that has not been cleaned turns field work into identification rather than verification, and that is what makes projects overrun.
Field teams work location by location. Each asset is located, scanned or tagged, and recorded with its condition, department and custodian, along with a photograph. Data comes back daily and is checked while the team is still on site, so discrepancies can be resolved before demobilisation rather than afterwards.
Reconciliation follows the field work. Every difference is classified — not found, found but unrecorded, location mismatch, condition issue — and each one carries a reason, not just a variance figure.
You receive a reconciled register, an exception report with reasons against each item, location-wise summaries, the tagging schedule, and the supporting photographs.
