Download Z: CARO 2020 Fixed Asset Physical Verification Tracker (.xlsx)

What it does

Supports CARO 2020 paragraph 3(i). Tracks the physical count of property, plant and equipment against the register under your verification cycle, values shortages and excesses, checks the verifier was not the custodian, lists immovable property whose title deeds are not in the company's name and gives a clause-wise status for the working papers.

Who it is for

Finance teams, internal auditors and statutory auditors of companies covered by CARO 2020.

How to use it

  1. Go to 'Settings'. Type the company name exactly as on title deeds, the financial year end, your verification cycle in years and the materiality threshold.
  2. Go to 'Register'. Paste the asset register: tag, description, class, location, custodian, book quantity, carrying amount and the date each asset was last verified.
  3. During the count, type the quantity found, the date, who verified it and the condition. Leave the date blank for assets not counted.
  4. Read 'Status' and 'Difference value'. Investigate every 'Discrepancy' and record how it was dealt with in the 'Action taken' column.
  5. Go to 'Title Deeds'. List every immovable property with the name it is held in. Fill the reason for any property not held in the company's name.
  6. Go to 'Summary'. Answer the Yes/No questions for clauses 3(i)(a), (d) and (e), then read the clause-wise status and the Checks box.

Tabs in the file

TabWhat it holds
SettingsCompany, year end, cycle and threshold.
RegisterAsset-wise verification and status.
Title DeedsImmovable property and clause 3(i)(c) disclosure.
SummaryCoverage, discrepancies, clause status and checks.

For computation and reconciliation assistance only; not a substitute for formal statutory audit or legal tax advice. All sample data is illustrative and made up. Rates, limits and rules must be checked against current law and your own agreements before use. No tax saving, audit outcome or compliance result is promised.