Common problems faced in conducting Physical verification exercise

Posted @ 1/29/2017 1:43:44 AM by admin Under( Fixed assets verification)

In our experience of servicing clients of various industry and sizes, it became more and more evident to us that there are a few recurring problems faced by us in conducting a physical verification audit of assets, inventory and fixed assets. Few of the frequent problems faces are enumerated below -
- Access Issues
- Non cooperation
- Coercion
- Non sign off
- Collusion between clients staff and our associates
- Client employee and AAA associate reporting different ground realities
- Making task difficult for our associates
- Mid management wanting clean reporting
- Pressure in reco stage to match the items with FAR
- TIme lines emphasis by management even when ground staff of client not cooperating
- Reliablity of our staff conducting physical verification
- Trade off bethween speedier completion of exercise and more accurate capture of ground details



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