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, typically delivered within 2–5 working days of site completion.
1500+ Locations-250+ Projects -10 Lakh+ Assets Tagged · Founders 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
- 2 lakh+ assets verified across 700+ locations
- Mobile app-based verification
- 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
Get a Quote
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Need more help?
Don’t hesitate to contact us for more information.
+91 96500 03293
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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
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.
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: For most companies, verification is completed within 2–5 working days depending on the number of assets and locations. Multi-location projects are handled with parallel teams to reduce turnaround time.
Q3: Is asset verification mandatory under CARO 2020?
A: Yes. CARO 2020 requires auditors to verify whether physical verification of fixed assets has been conducted by the management at reasonable intervals. Companies that cannot produce verified records face audit qualifications.
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.
