Fixed assets – often, the biggest line item on the balance sheet - are under greater scrutiny. One of the leading bank facing lots of following issues pertaining to Fixed Assets
Containing ghost assets
Grouped assets
Vague descriptions
Wrong quantity
Restructuring of FAR - (Complete review of FAR , Reviewed all the purchase documents , Updated correct quantity and description against each assets).
Verification Planning - (Created robust process for verification and tagging activity , Training Auditors , Created photo gallery and share to executive team for reference purpose ).
Audit Execution - (Blind Verification to cover each and every asset at branches, Captured the detailed attributes of each asset, Jointly Sign off the verified data).
Reconciliation – (Specialised backed team who worked on verified data and release the reconciliation report , Timely delivery of branch wise report , After verification of all the branches, backend team prepared the consolidated report for all the branches).
Verification of 250 branches and 30 offices were completed within 15 days.
Reconciliation reports for each branch released within 48 hours after verification.
Robust verification process by collaborating with the business team, a simple yet accurate design was created.
Fast and accurate technology: Use of handheld terminals for capturing asset serial number. This helped to do away with all manual dependencies.
Tagging of assets help bank official to track each assets and next verification of assets become more accurate, faster and cost effective.
Common platform has been established between finance and admin/IT department for track the assets.
A one-stop Business Services provider driven by a talented and experienced team enabled by Technology Solutions.
