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5 Key Steps You Should Include in Your Internal Asset Auditing

Unlike external asset audits, which are primarily dictated by legal regulations and the processes adopted by external auditors, how do you conduct an internal asset audit? <br><br>Here are five key steps you should include in your asset auditing to ease the workload and ensure effective internal audits.<br><br>Learn more about how you can prepare your organisation for internal asset audit: https://medium.com/@continusys/how-to-prepare-your-organisation-for-asset-auditing-c0aef2ff1da0

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5 Key Steps You Should Include in Your Internal Asset Auditing

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  1. 5 KEY STEPS YOU SHOULD INCLUDE IN YOUR INTERNAL ASSET AUDITING

  2. CHOOSE A STARTING POINT While it’s important to correctly track and manage all your assets, a single audit need not necessarily encompass everything. Decide on a particular category of asset that you want to audit at any given time, and identify the departments responsible for these audits.

  3. Set a clear purpose for your audit. It could be optimising key operations or identifying areas of overspending, or anything else. Knowing what you want to achieve will help you create focused reports. DETERMINE YOUR AUDIT’S GOALS

  4. Review your asset register and confirm the asset details before proceeding to check each asset. This will help you identify any assets that might not have been accounted for previously and those that may have gone missing or been retired without undergoing a formal process. GATHER YOUR ASSET RECORDS

  5. EVALUATE RELEVANT REGULATIONS Ensure familiarity with internal company policies and external regulations, such as a formal declaration of financial assets. Also, consider checking software products for compliance with regulations, which may prohibit specific uses, such as transmitting personally identifiable information.

  6. VERIFY ANY ADDITIONAL DETAILS For accuracy, verify and correct important asset details like supplier, SKU, and user history. You may also want to include up-to-date images of physical assets for high-value items and determine asset value for depreciation.

  7. THANK YOU FOR READING! FOLLOW US FOR MORE UPDATES.

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