Verasset offers comprehensive fixed asset verification and floor-to-book data reconciliation services.
Reconciliation services are designed with the intent of improving the quality of the existing ledger information and improving the process flow that impacts asset information as it flows throughout the typical asset life cycle.
This requires objective assessment of the ledger contents and the business rules (internal controls) that support internal asset management. The process includes:
A consistent audit trail is created and used to link the reconciled inventory file with the existing fixed asset accounting records. Within the audit trail, which is accumulated within an MS Excel file, we assign a transaction code to each item.
The transaction code identifies the actual disposition of each asset (Reconciled, Transferred Offsite, Disposed, etc.). Each line item on the fixed asset accounting record will receive a transaction code to link it to the reconciled inventory file.
At the conclusion of the effort, Verasset provides the audit trail (MS Excel file) and several specific reconciliation reports as defined below:
In addition to the auditable MS Excel spreadsheet, Verasset produces a formal written reconciliation report that describes the process, findings, and recommendations in full detail.