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? Here are five key steps you should include in your asset auditing to ease the workload and ensure effective internal audits. 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

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

2. 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.
CHOOSE A
STARTING POINT

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. 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.
EVALUATE RELEVANT
REGULATIONS

6. 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.
VERIFY ANY
ADDITIONAL DETAILS

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