1. Obtain a listing of the fixed assets register maintained by the entity.
2. The listing should contain all necessary details like location of assets, quantitative particulars, description etc. which would facilitate identification of the assets physically.
3. Carry out a physical verification of all the assets lying at the premise.
4. Compile the physical verification sheets and compare the same with the initial assets listing/fixed asset register given.
5. Identify discrepancies/deviations, if any and discuss the same with the management of the entity.
