Fixed Asset Verification Services in India
Fixed Asset Verification Services across pan-India — Floor-to-Sheet & Sheet-to-Floor verification with audit-ready reports supporting CARO 2020 compliance,
Audit-ready reports delivered after site completion, with timelines agreed before mobilisation based on asset volume, asset type and number of locations.
1500+ Locations-250+ Projects -10 Lakh+ Assets Tagged · Founder’s Professional Experience 20+ Years
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
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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
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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.
TagMyAssets is a service provider that operates its own verification applications. We do not sell a fixed asset management system for you to run your register on.
How Often Should Verification Be Carried Out?
CARO 2020 does not prescribe an interval. Management determines what is reasonable for its asset profile, and the auditor reports on whether that interval was reasonable.
Annually — the most defensible position for a company reporting under CARO every year, because it produces fresh evidence for each reporting period.
Every six months — where asset movement is high: manufacturing plants, warehouses, retail chains and depot networks with frequent transfers.
Quarterly — for critical, high-value or highly mobile assets requiring tighter control.
After an ERP migration — migration frequently introduces duplicates, wrong locations and incomplete mapping. Verification establishes what the new system should actually contain.
After a merger or expansion — validates transferred and newly acquired assets before discrepancies accumulate across the combined register.
TagMyAssets is a service provider that operates its own verification applications. We do not sell a fixed asset management system for you to run your register on.
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
Regular verification eliminates assets that exist in records but are missing on the ground, keeping your FAR 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.
Covers PAN India Operations
Multi-location businesses get consistent verification across all sites — same methodology, same report format, same compliance standard.
Our Process
1.
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.
2.
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.
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.
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.
Frequently Asked Questions
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 150–200 assets a day in office environments and 80–100 a day for plant and machinery, so a 1,000-asset office site is about a week 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. TagMyAssets operates PAN India across all major cities including Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata with dedicated field teams.
What Our Fixed Asset Verification Scope Does — and Does Not — Cover
Clear scope boundaries are important in any physical verification assignment. The following services are not included in TMA’s standard fixed asset verification scope unless specifically agreed otherwise.
| Not Our Scope | Why |
|---|---|
| ERP and accounting software | TMA does not replace your ERP or maintain your books. The work is verifying what physically exists and reconciling it against the FAR your finance team already maintains. |
| Asset procurement | We do not sell, supply or recommend fixed assets. Verification, identification and tagging only, which keeps the verification scope focused on assets already owned or controlled by the client. |
| Facility management | Day-to-day facility operations sit with your admin team. TMA is engaged for verification, tagging, reconciliation and asset data quality. |
| Asset maintenance and repair | We do not repair equipment. Condition is recorded as observed at the time of verification and reported as an exception where relevant. |
| Barcode label printing on its own | Tags are printed and applied as part of a field verification assignment, scanned through our own applications, with the agreed verification data and reconciliation output. Label supply alone is not the service. |
| Valuation | Physical verification does not include valuation. Where valuation is required it is scoped and agreed separately. |
