Asset verification is the process of confirming the existence, ownership, and value of assets owned by an individual or organization. This includes both physical assets like machinery, vehicles, and property, as well as financial assets such as bank balances, investments, and intellectual property. The primary goal is to ensure that the assets recorded in financial statements are accurate and correspond to actual holdings.
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ASSETS VERIFICATION
ASSETS VERIFICATION
CYBER CRIME INVESTIGATION
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Existence
Confirm that the asset recorded in the register or books physically exists—through on-site inspection, photographs, or video documentation. Any asset that does not physically exist is flagged as a discrepancy.
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Ownership (Legal Title)
Verify legal ownership by reviewing documents like title deeds, lease agreements, purchase invoices, or registration papers. Also check for liens or encumbrances that may affect ownership claims.
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Valuation (Correct Value)
Assess that assets are valued accurately on financial statements. This includes verifying original cost, depreciation, impairment, or fair market value, using accepted accounting methods.
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Condition (Usability/State)
Evaluate the present condition of assets—whether they’re functional, damaged, obsolete, or need maintenance. This helps determine replacement or repair needs.
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Location (Physical Whereabouts)
Confirm the physical location of assets matches the recorded details. Misplaced or relocated assets indicate discrepancies and require updating.