● Reconciling the FAR (Fixed assets register) and GL to ensure the accuracy of the books of accounts.
● Recalculation of the depreciation as per useful life (prescribed in Schedule II of Companies Act, 2013 or as per management estimate) and scrap value.
● TOD of Additions and disposals to ensure the completeness of the FAR.
● Existence is an essential audit assertion to be tested for PPE with the help of physical verification of assets.
● The compliance of Ind AS 16 Property, Plant and Equipment to ensure the disclosure requirements.
