Fixed asset audit checklist

Count and verify your equipment, vehicles and furniture against the asset register, with the controls that keep it accurate.

Use it on screen

How to use itCompare the register with a physical count at least once a year. Investigate differences and update the register with approval.

Who auditsFinance, with site managers or department heads
WhenAt least once a year, often near year end
Time neededA day for a small office, longer for many sites
Keep itFinance files with the approved register changes

Where the fixed asset audit checklist fits

Asset registers drift: equipment is moved, sold or lost and the books never hear about it. A periodic audit brings the record back to reality.

Accounting treatment, such as depreciation and disposals, depends on your accounting policies. Involve your accountant for the financial entries.

17 items. Complete it digitally or on paper, whichever your team prefers.

Before the count

Current asset register printed or exported.
Locations and responsible people listed.
Tags and scanner ready.
Counting teams assigned.

Physical count

Each asset found and tag matched.
Location and user confirmed.
Condition recorded.
Untagged items tagged and recorded.

Differences

Missing assets listed.
Assets found but not on the register listed.
Explanation for each difference.
Write-offs approved.

Internal controls

Purchases added to the register when received.
Transfers recorded.
Disposals approved and documented.
Access to the register limited.
Count done by someone other than the register keeper where possible.

Rolling out the fixed asset audit checklist

Schedule the audit for a quiet period.
Count by location.
Reconcile differences within a set time.
Have finance approve register changes.
Report results to management.

A real-world example

A cleaning company audits 120 assets. Three floor machines are missing from one site and two vacuums are found that were never registered. Two machines turn up at another site; one is reported lost, and the register is updated after approval.

Why a fixed asset audit checklist matters

Accurate asset records support depreciation, insurance coverage and property tax filings, and auditors or lenders may test them. A physical count by someone other than the register keeper also deters theft and catches assets that were moved without a record.

A filled-in fixed asset audit checklist

Company	BrightStart Childcare, 3 centers, Tulsa OK
Audit date	June 30, counted by Rachel and Ken
Register	142 assets
Found and matched	136
Missing	4 tablets from Center B
Found, not registered	2 commercial washers at Center A
Resolution	3 tablets in repair; 1 written off, approved by owner

Most of the missing tablets were out for repair, which shows why each difference is investigated before any write-off. The two washers are added to the register at their purchase cost.

Where the fixed asset audit checklist trips people up

Counting by reading the register and looking for each item. Walk each room first and record what you find, then match, or unregistered assets get missed.
Approving write-offs the same day. Ask other sites and long-time staff first; missing items often turn up in a van or a storage unit.
Leaving leased equipment on the register as owned. Check leases separately, since they are treated differently in the books.

Customizing the fixed asset audit checklist

Contractors with tools on trucksCount each vehicle at the yard on one morning before crews leave, so tools are not moved mid-count.

Schools and nonprofitsTrack grant-funded equipment in its own column, since funders may require records of what was bought with their money.

Worth knowingPhotograph each asset with its tag visible during the count. Next year those photos settle ‘is this the same machine’ questions in seconds.

What people ask about the fixed asset audit checklist

How often to audit?

At least yearly, more often for high-value or portable items.

What is a fixed asset?

Long-lived property used in the business, above your capitalization threshold.

Do small items count?

Track by policy; many companies track portable items regardless of value.

Who approves write-offs?

Finance or an owner.

How do you reconcile a fixed asset count to the register?

List assets found that match the register, assets on the register that were not found and assets found that were never registered. Investigate each difference, such as transfers between sites or unrecorded disposals, then post approved adjustments. The register total should match the general ledger after the adjustments.

Should a business tag every fixed asset?

Tag assets above your capitalization threshold and portable items that are easy to lose, like laptops, tools and floor machines, even if they are expensed. Fixed items like built-in shelving are usually tracked by location instead. Use tags that survive the conditions the asset works in.

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Disclaimer: This template is general information, not legal advice. Employment rules differ by state and city and change over time. Have a qualified employment attorney or HR professional review it before you use it.