Compilation of GRAP compliant Fixed Asset Register

We assist and perform the following services as to implement a GRAP compliant asset register:

  • Update the asset management policy & procedures documents
  • Physical verification of all immovable and movable assets
  • Link all assets to a Geographic Information System (GIS)
  • Asset unbundling according a defined hierarchy
  • Asset accounting which includes additions, disposals, impairments, depreciation
  • Apply asset valuation methodologies
  • Provide audit support.

This may also include a combination of any of the following:

  • Auditing and identification of all assets that the Entity has control over.
  • Componentization of assets where assets have different components with different useful lives which is material.
  • Assign and effect a unique asset identification number to every assets identified by bar-coding and capturing new assets not included in the current fixed asset register otcpills.net.
  • Compile a new asset register for all moveable and immoveable assets in accordance with the accounting practises as prescribed by the Minister of Finance (GRAP). Reconcile the new asset register with the current asset register and resolving of all variances.
  • Determine the remaining useful live, residual value and the physical and service condition of every asset identified.
  • Determine, where possible, the initial cost price, acquisition/ construction date of every asset identified by means of scrutinizing records. In instances where remaining useful live and/or residual values cannot be derived from records. Determine the fair value of the asset by applying a suitable valuation method like market value, adjusted market value or depreciated replacement cost consistently to a group of assets.
  • Determine suitable indices to allow discounting of the current fair values for purposes of retrospective adjustment to the fixed asset register.
  • Prepare the fixed asset listing in a format suitable for import into the entities current financial system.
  • Assist the entity in successfully addressing the audit findings and qualifications on PPE as per the Auditor-General’s report.
  • Review the current Asset Management Policy and Procedures and align it to synergies with the new Asset management System (FAR).
  • Training of and transfer of skills to identified staff.