Utilize our Fixed Asset Review Report to conduct a thorough internal audit of your company’s fixed asset management processes. This sample was designed for the retail industry but can be customized to fit any industry and used to systematically review and analyze current policies, procedures and practices related to fixed assets, identifying gaps and inefficiencies that could lead to financial inaccuracies or compliance issues. Through detailed observations and recommendations, the document provides actionable insights for improving asset tagging, physical inventory counts, capitalization policies, invoice approval processes, and project classifications between capital and operating expenditures.  

It also highlights the importance of clear roles and responsibilities among finance and operations teams, ensuring that tasks related to fixed assets are properly assigned and executed. Furthermore, it underscores the need for robust documentation practices and the establishment of systematic controls to support accurate financial reporting. By following the structured approach outlined in this report — comprising document reviews, interviews with key personnel, analysis of findings and preparation of targeted recommendations — companies can enhance their fixed asset management efficiency and ensure compliance with internal policies as well as regulatory requirements.

Detailed observations include:  

• Assign owners to fixed asset tasks.
• Establish procedures for physical inventory.
• Create guidelines for spares treatment.
• Confirm the receipt of IT assets.