How does an asset register help you pass an agency or government audit?

The process of carrying out audits may not always be the same. Usually, companies keep performing regular but small audits throughout the year and one comprehensive one at the end of each year.

However, you should follow these principles while carrying out an audit of your assets:

• Have a look at your previous assets stats.

• Evaluate your current asset records.

• Perform a comprehensive comparison to make sure that the current numbers coincide with previous balance sheets.

While comparing your current records with the previous ones, verify that the following are true about your assets:

• The assets value is accurate and authenticated.

• It is properly classified.

• The asset’s transaction details (sales/purchase dates) are correct.