It refers to verification of fixed assets or stocks physically to ensure that all assets are available and being used for the purpose of the business of the Company/entity.
Why Physical Verification of Assets
To ensure that assets do exist physically and are also appearing in the books of account to prevent theft and misuse of assets of the Company. It also facilitates the management to assess the physical condition of all assets of the Company.
Benefits of Physical Verification of Assets
It has following benefits attached to it;
- Physical existence;
- Assessment of physical conditions;
- Identification of Theft, fraud or mis-use
Our Services
JASB has knowledge and experience to undertake physical verification of all types of fixed assets and stocks for its valued clients.
We render high-quality and cost- competitive services to our clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to engagement.
It refers to placement of various types of tags to all items of fixed assets for proper recoding and tracking. To have proper and long lasting tagging, various types of tags can be used which includes bar code based aluminum foil or steel plated tags.
Why Tagging of Fixed Assets
The management of the Company is responsible for the safe guarding of its assets including fixed assets. Without proper tagging, it is next to impossible to track an item of fixed assets. Through proper tagging, the management can also regularly check or assess the physical condition of assets and plan for proper replacement or disposal or transfer.
Benefits of Tagging of Fixed Assets
It has following benefits attached to it;
- Ownership Identification;
- Proper tracking i.e. transfer, disposal etc.
- Quick Physical counting through bar code tags
- Control on un-authorized use
Our Services
JASB has knowledge and experience to undertake tagging of all types of fixed assets and stocks for its valued clients.
We render high-quality and cost- competitive services to our clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to engagement.
It refers to reconciliation of subsidiary or physical records with General Ledger.
Why Reconciliation of Assets
It is needed at the time of acquisition or if an integrated MIS is being implemented. Usually, the management has lesser focus on fixed assets and its subsidiary records. Due to lack of frequent reconciliations, the difference become bigger and may have significant financial loss to the Company.
In case of acquisition or buy of assets, it is vital to know the quantities as per physical and as appearing in the GL and difference should be properly accounted for.
Benefits of Reconciliations of Assets
It has following benefits attached to it;
- Proper recording of additions, disposal,
- Identification of zero value items
- Identification of thefts or fraud
- Arithmetical accuracy
Our Services
JASB has knowledge and experience to undertake reconciliation of assets from subsidiary records with General Ledger for its valued clients.
We render high-quality and cost- competitive services to our clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to engagement.
Fixed Assets Register means the subsidiary ledger of all fixed assets which maintain the complete profile of each item of asset from purchase till disposal.
Why Fixed Assets Register
Every Company is required to maintain proper fixed assets register as per local pronouncement of accounting body. Apart from legal requirement, it is the responsibility of the management to establish proper internal control system to ensure safe guarding of assets. Further fixed assets are also used as collateral against the financing obtained by the Company.
Benefits of Fixed Assets Register
It has following benefits attached to it;
- Compliance with pronouncement of accounting body
- Proper profile of each item of assets
- Collateral management against financing by the Company
- Proper determination of capex requirements of the Company
- Arithmetical accuracy
Our Services
JASB has knowledge and experience to prepare fixed assets register for its valued clients.
We render high-quality and cost- competitive services to our clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to engagement.
Tracing /Tracking of Assets refers to identification of assets placement as collateral with Banks against bank financing. It also include tracing of immoveable properties in government records to find correct owners.
Why Tracing/Tracking of Assets
Will-full bank defaulters usually provide fake documents of assets against their borrowings to make fraud. While enforcement, the bank faces difficulties recover their due by selling such assets. Before filing legal suits, the bank should get proper information about the assets including owners etc.
Benefits of Tracing/Tracking of Assets
It has following benefits attached to it;
- Proper knowledge of profile of collateral
- Proper investigation
- Proper legal course of action
- Proper fixation of responsibility
Our Services
JASB has knowledge and experience to trace and tracking assets in Government records for our valued clients.
We render high-quality and cost- competitive services to our clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to engagement.
Cash is the life blood of every organization. Trade & Other receivable contribute significant shares in working capital management.
Why Review of Receivables
Due to lack of proper reconciliations, receivable from customers pile up and at one point start creating cash flow problems for the companies. if this persists, these become time barred and difficult to recover due to lack of proper documentary evidence etc. Further it is also the responsibility of management to undertake impairment of assets if any and make provision for such impairment.
Benefits of Review of Receivables
It has following benefits attached to it;
- Proper & timely resolution of difference
- Determination of amount subject to impairment
- Proper & timely action against bad or irrecoverable debts
- Improvement in working capital due to increase in recovery
- Saving of finance cost
Our Services
JASB has knowledge and experience to review receivables and its reconciliation with subsidiary records. JASB does have expertise of assessment of impairment in accordance with applicable financial reporting framework.
We render high-quality and cost- competitive services to our clients by making best use of technological resource. We do believe in providing value added services to our valued clients with respect to engagement.