An asset audit tests the register against reality. Auditors physically locate assets, confirm they exist and are in the recorded location, check their details and condition, and look for assets that are present but unrecorded. The output is a list of differences — and a set of corrections, write-offs and process fixes. Internal teams run asset audits to keep control; external auditors test samples of fixed assets as part of the financial statement audit.
What an asset audit checks
| Assertion | Question | How it is tested |
|---|---|---|
| Existence | Does each recorded asset really exist? | Trace from register to floor: find and scan it |
| Completeness | Is everything we own in the register? | Trace from floor to register: record untagged or unknown items |
| Accuracy | Are location, custodian, description and status right? | Compare what you see with the record |
| Condition | Is it still in use and serviceable? | Note damage, obsolescence, idle assets |
| Valuation | Is the value on the books reasonable? | Review cost, depreciation, impairment indicators (finance) |
Testing in both directions matters. Register-to-floor finds missing and ghost assets; floor-to-register finds unregistered assets.
Types of asset audit
- Full audit — every asset in scope, usually annually.
- [Cycle count](/glossary/cycle-count) — a rotating subset on a schedule.
- Spot check — a small random sample to test the register's reliability.
- Targeted audit — a department, a high-risk category, or after an incident or move.
Step by step
- Define scope, cut-off and who signs off.
- Clean the register: remove known disposals, merge duplicates.
- Assign auditors to areas and give them the expected list (or let the app hold it).
- Count and scan by location; capture untagged items with photos and notes.
- Reconcile to produce found / missing / unregistered and wrong-location lists.
- Investigate: check custody, check-outs, repairs and movement history for missing items.
- Approve adjustments — location fixes, new registrations, write-offs — with evidence.
- Report results and the root causes, and schedule the next audit.
Common audit findings and their causes
- Missing assets — disposals never recorded, informal loans, theft, assets in unscoped areas.
- Wrong locations — moves not recorded because updating the register is a chore.
- Unregistered assets — purchases on cards or expense claims bypassing the registration step.
- Duplicate records — the same asset registered twice by different teams.
How Asetavo runs asset audits
Asetavo audits are scoped by location, floor or category and assigned to auditors. Counts come from phone scans (QR, barcode, NFC) or, on Business, bulk UHF RFID reads, and build in real time. The variance report shows found, missing and unregistered assets item by item; you resolve discrepancies into the register and every change is recorded in the tamper-evident history. Recurring audits keep the register honest between year-ends.