Services

Fixed Asset And Stock Audits

At Dang & Associates, we offer specialized Fixed Asset and Stock Audit services designed to help businesses manage their physical assets efficiently and ensure the accuracy of inventory records. With our expert audit services, companies can gain a comprehensive understanding of their asset base and stock levels, reduce the risk of discrepancies, and optimize operational processes. Whether you are conducting an annual audit or seeking to verify asset integrity and stock valuation, we provide thorough, reliable audits that meet industry standards and regulatory requirements.

1. Fixed Asset Audits

Fixed assets are a critical part of any business, representing significant investment and value. Our Fixed Asset Audit services help ensure that all assets are properly accounted for, valued accurately, and protected from mismanagement or fraud. Our services include:

• Asset Verification – We conduct physical verification of all fixed assets, ensuring that they are accurately recorded in the books and are still in use. This helps eliminate discrepancies between physical assets and the financial records.
• Asset Register Maintenance – Assistance in maintaining an up-to-date asset register, which includes details like asset type, location, condition, depreciation, and useful life.
• Depreciation & Amortization Calculation – We ensure that depreciation is calculated correctly in accordance with the applicable accounting standards (such as IND-AS, IFRS, or US GAAP), ensuring accurate asset valuation and profit reporting.
• Asset Identification & Tagging – We help implement asset tagging systems to ensure all fixed assets are easily identifiable, improving asset tracking and reducing the risk of theft or misplacement.
• Disposal & Write-Offs – Guidance on proper disposal or write-off procedures for obsolete or non-functioning assets, ensuring compliance with accounting standards and tax regulations.
• Impairment Testing – We assist in performing impairment testing to ensure that the carrying value of assets does not exceed their recoverable amount, as per the relevant accounting standards.
• Physical Count & Reconciliation – Conducting a detailed physical count of fixed assets, followed by reconciliation with accounting records to ensure accuracy.
  
  

2. Stock Audits

Effective stock management is vital to the success of any business. Our Stock Audit services help businesses maintain accurate and up-to-date inventory records, which are essential for financial reporting, cost control, and operational efficiency. We provide:

• Inventory Verification – We conduct a thorough physical count of your inventory to verify the quantities and condition of stock items. This helps identify any discrepancies or losses due to theft, damage, or mismanagement.
• Stock Valuation – We ensure that your stock is valued accurately, whether under the cost method, net realizable value, or other valuation techniques required by accounting standards. Our team ensures compliance with inventory valuation principles under IND-AS, IFRS, or other applicable frameworks.
• Stock Turnover Analysis – We assess the efficiency of your inventory management, including the rate of stock turnover, to identify opportunities for improvement and reduce carrying costs.
• Inventory Classification & Segmentation – We assist in classifying and segmenting inventory based on various criteria such as age, demand, and obsolescence, helping businesses make informed decisions regarding stock management and sales.
• Cost of Goods Sold (COGS) Calculation – We help calculate the cost of goods sold (COGS) by accurately linking inventory movements (purchases, sales, write-offs) to your accounting records, ensuring correct profit and loss reporting.
• Reconciliation of Stock Registers – Our team verifies and reconciles stock records with actual physical counts, ensuring that there are no discrepancies between your stock registers and actual inventory.
• Cycle Counts & Stock Auditing Plans – We recommend and implement cycle counting and other inventory auditing techniques to keep track of stock levels throughout the year, reducing the need for large-scale year-end stock audits.
  
  

3. Physical Verification & Documentation

For both fixed assets and stock, maintaining proper documentation is essential for audit purposes, tax reporting, and regulatory compliance. We assist with:

• Documenting Asset and Inventory Movement – Keeping detailed records of asset acquisitions, transfers, disposals, and movements, ensuring that your physical inventory is accurately reflected in your accounting system.
• Audit Trail Creation – Ensuring that every movement of fixed assets or stock is properly documented, with a clear audit trail for transparency and accountability.
• Compliance with Regulations – Our audits ensure that your asset and inventory management practices comply with local, state, and international regulations, including tax laws and industry-specific requirements.
  
  

4. Risk Assessment & Internal Controls

Our Fixed Asset and Stock Audits also focus on identifying operational risks and weaknesses in internal controls that could lead to discrepancies, fraud, or inefficiencies. We provide:

• Internal Controls Evaluation – We assess the effectiveness of your internal controls related to asset and inventory management, identifying areas where controls may need strengthening.
• Fraud Detection & Prevention – We identify potential areas for fraud, including overstatement of asset values or mismanagement of stock, and provide recommendations for improving fraud prevention measures.
• Operational Efficiency Reviews – We evaluate your asset and stock management processes, identifying inefficiencies and recommending improvements to streamline operations and reduce costs.
• Regulatory Compliance & Best Practices – Our audit services ensure that your asset and inventory management practices follow industry best practices and comply with all relevant regulations and accounting standards.
  
  

5. Reporting & Recommendations

Following the audit, we provide detailed reports outlining our findings and actionable recommendations to help businesses improve asset and inventory management. These reports include:

• Audit Findings – A comprehensive report that highlights discrepancies, inefficiencies, or compliance issues related to fixed assets and inventory.
• Recommendations for Improvement – Practical recommendations to improve asset tracking, inventory management, and internal controls, helping you optimize your asset utilization and reduce losses.
• Actionable Insights – Our team provides insights into how to streamline asset management, reduce inventory carrying costs, and improve operational efficiency.
  
  

Why Choose Dang & Associates for Fixed Asset & Stock Audits?

• Expertise in Asset & Inventory Management – Our team has in-depth knowledge of asset and inventory management practices, helping businesses ensure accuracy and compliance.
• Comprehensive Audit Approach – We provide a full spectrum of fixed asset and stock audit services, covering everything from physical verification to internal controls and compliance.
• Customized Solutions – Our audits are tailored to meet the unique needs of your business, ensuring that we address your specific asset and inventory challenges.
• Efficiency & Transparency – We prioritize accuracy, transparency, and efficiency in all our audits, ensuring that your asset and inventory management systems are reliable and optimized.
• Ongoing Support & Follow-Up – After the audit, we offer support to ensure that recommended improvements are implemented effectively, helping you achieve better asset and inventory management practices.
  
  

At Dang & Associates, we help businesses maintain accurate, compliant, and efficient fixed asset and stock management systems. Let us assist you in optimizing your asset and inventory processes to enhance operational performance and financial accuracy.

Our dedicated team of professionals ensures that your accounting and auditing needs are met with precision, helping you maintain compliance and focus on your business growth.