- How do you trace your fixed assets?
- Are you counting your inventory properly?
- Are you sure that you protect your assets?
Counting the fixed asset inventory, establishment of follow up and management system, audit of fixed asset management process.
Inventory Stock Taking
- Tagging fixed assets with bar-code labels
- Enabling fixed assets inventory results being monitored in a database
Establishing Tracking and Management System
- Assessing the current amounts by physical count
- Evaluating the physical inventory count results according to the Tax law
- Removing the differences by fixing accounting records and helping company officials for taking the adjusted trial balance for inventory
Fixed Asset Process Management Audit
- Analysis of control criteria
- Risk evaluations
- Analytical procedures
- Accounting audit: Analyzing purchases to and retirements from fixed assets, depreciation expenses of the current year and the accumulated depreciation and the fixed assets account balance at the end of the period.
Why is it Important to Ensure Proper Stock-taking
There are many consequences of not performing stock taking in the Tax Procedural Code. The most severe of them is the tax assessment of the tax base of the period according to article 30/3 of the law).
-If you don’t want to be subject to tax assessment according to the Turkish Tax Procedure Law (TPL),
-If you don’t want to be subject to heavy fines from the breach of Article 66 of the Turkish Commercial Code (TCC),
-If you want to maintain your corporate prestige by preparing accurate financial statement according to the TPL and maintain your corporate prestige you must ensure proper stack-counting in your company.
How does the Audit of the Fixed-Assets Process Help You?
I enables the risks and control deficiencies to be determined and the analyses that will benefit the improvement of the process to be at your hand before they harm your company.
What are the Benefits of a Tracking and Management System?
- Maximizes the ROI (Return on Investment) by knowing the cost of fixed assets and the amount invested for them.
- Increases reliability.
- By enabling the use of fixed assets with maximum efficiency –within the knowledge of where and who have them- improves overall efficiency.
- Provides continuity of usage and reduces the risk of loss by warranty, repair, service, and maintenance management.
- Provides licencing, serial number, multiple billing service and maintenance errors.
- Enables evaluating and comparing suppliers, maintenance, and service companies. This data is important in service and maintenance agreements that can be made in the future.
- Accumulation and keeping of correct and comprehensive data about fixed assets in a central database enable rational decision-making for investments and information sharing.
- Makes it possible to reach the actual cost of ownership (TOC – Total Cost of Ownership) by tracking the life-cycle of fixed assets.
- Presents from holding and purchasing unnecessary, excess and useless fixed assets and in the long term with the estimated costs, reduces the cost of these assets and IT equipment.
Machinery & Equipment Inventury and Valuation Services
Global pandemic may force companies take tough decisions. Learning real value of company assets is critically important in taking management decisions.
We as Teolupus, provide valuation services for your machinery and equipment that is part of your company assets.
With this valuation, real market value of your machinery and equipment will be calculated, declared in books and make you shareholders’ equity get stronger.
Machinery & equipment valuation is done by our experts under certain criteria and techniques.