Capturing of real time data from field and maintaining data quality standards
Physical verification is the process that is normally performed by an auditor to confirm the existence of physical assets of Fixed Asset Accounting Records. Most of assets that auditors verifiy are fixed assets and inventories. And so it is the process of making valid the information on assets, for example for property, plant and equipment; confirming the existence, location and condition of the asset. Knowing what assets you have, where they are located, when they were purchased, if they are still in use.
The physical verification is normally performed at the year ended or at the end of report date of financial statements. The full count is performed by client's delegate staffs and observers by auditors. Auditors also need to review the counting procedures from before count, during count and after count.
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