The process of physically verifying a company’s fixed assets—such as land, buildings, machinery, furniture, and equipment—is known as fixed asset verification. An internal or external auditor usually goes through this process to make sure the company’s financial records accurately reflect the actual value and status of its fixed assets.

• To make sure that the assets that are listed on the balance sheet are real, accurate, and true. to ascertain whether or not there are assets
• Check to see all the listed papers are lawful.
• To check the condition of Fixed Asset is correct as described.
• One of the primary goals of Fixed Asset verification is to ascertain asset ownership and title.
• Maintain a high level of compliance.
• Check the right asset and liability value.
• To ensure that assets purchased are appropriately listed and that sold assets are not included.
• To verify that the asset’s genuine worth is shown after depreciation.
• Assets may be stolen and misused, verification is done to detect fraud.