(1)       Check that a Fixed Assets Register is maintained and updated at all times ( Manual  / Computerized ).


(2)       Check that the Fixed Assets Register gives details of the fixed assets - Quantity / No / Location / Identification Number / Depreciation / Rate /  accumulated depreciation / original cost / additions /deletions/ written down value.


(3)       Check that the identification number given on the fixed asset tallies with the number given in the FA Register.


(4)       Check that for purchases as well as sale of fixed assets proper authorization has been taken from the appropriate authorities


(5)       Check that the discrepancies observed on physical verification of fixed assets have been correctly adjusted in the books of account after taking approval from the appropriate authority.


(6)       Check the method and the procedure adopted for carrying out the physical verification of fixed  assets and ensure that verification was carried out as per the generally accepted accounting practices and procedures.


(7)       Check that the physical verification sheets in respect of fixed assets are properly prepared and duly signed by the persons responsible for carrying out the physical verification. The name, designation of employees and the date of carrying out the physical verification should also be clearly mentioned in the physical verification sheets.



(8)       Check that the physical verification of Fixed Assets is carried out by the Management at least once in 3 years.