"Hitesh Aggarwal is a Chartered Accountant and Co-founder of TagMyAssets, a Gurugram-based firm specializing in Fixed Asset Tagging, Physical Verification, FAR Reconciliation and Inventory Audit services. He has led large-scale PAN India asset verification assignments across manufacturing, healthcare, hospitality, retail and corporate sectors. He regularly writes on Fixed Asset Management, CARO 2020, Ind AS 16 and audit best practices."
The Companies (Auditor’s Report) Order, 2020 (CARO 2020) does not mandate asset tagging through QR codes, barcodes, or RFID technology. Instead, Clause 3(i)(b) requires the auditor to report on whether Property, Plant and Equipment (PPE) have been physically verified by the management at reasonable intervals, whether the frequency of verification is appropriate considering the nature […]
The article explains ghost assets, their financial and audit impact, CARO 2020 requirements, and the importance of periodic physical verification and reconciliation.
The article explains why ERP records alone cannot establish asset existence and why physical verification remains essential for accurate asset management and audit compliance.
Asset tagging helps simplify physical verification, strengthens internal controls, improves Fixed Asset Register accuracy, and enhances audit evidence before year-end audits.
The article explains why physical verification is more than a compliance exercise, emphasizing the auditor’s responsibility to evaluate management’s verification process and ensure discrepancies are properly addressed.
Bar codes and QR codes are two of the most commonly used technologies in today’s world for storing and retrieving information. Bar codes have been around since the 1970s, while QR codes were initially developed in 1994. Both of these codes have their unique designs, structures, and applications.
Discover the importance of asset tagging for businesses in tracking and managing fixed assets. Learn about different types of asset tags, such as barcodes, QR codes, RFID tags, GPS trackers, and NFC tags, and how they contribute to theft prevention, maintenance schedules, and real-time tracking. Find out the significance of data gathered in a digitized asset register, including location, users, purchase history, maintenance schedules, and depreciation value. Ensure a comprehensive tagging process for a holistic view of owned assets with data cleaning, uploading, initial tagging, and updating of Fixed Asset Registers (FAR).
Whether the company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.
Time of Supply of goods and Services under GST (TOS) Explained in Tabular Format. Section 12 of the Central Goods and Services Tax Act, 2017 deals with Time of Supply of goods and Section 13 deals with Time of Supply of Services under GST. Article explains the Provisions related to Time of Supply under GST […]
Commentary on Circular No. 102/21/2019 – GST dated June 28, 2019 regarding the applicability of GST on additional/penal interest on delayed payment charges in case of late payment of Equated Monthly Instalments (EMI) Entry 5(e) of Schedule II of the Central Goods and Services Tax Act, 2017 “Agreeing to the obligation to refrain from an […]
