A basic principle of the internal control of the inventory, are those responsible for conducting it to have the necessary experience and technological training.
Many organizations are not able to provide the necessary number or the appropriate staff to complete the asset count process in a reasonable amount of time, as they are busy with their day-to-day tasks, at the same time.
In some cases, it is recommended that these individuals will not be audited, simultaneously, through the process, as the results may not be reliable, provided that they performed the count by themselves.
The inventory of fixed assets is carried out with the process of locating, marking, and recording the equipment, and / or in combination with illustrative documentation of the recorded object.
In this way, each organization is provided with an update of its business assets, as well as the possibility to search for the location of each asset within its facilities.
Except from the quantification, i.e. the verification, the count and the detailed recording of all assets and liabilities of the economic unit, i.e. by type, quantity, quality and other features, a valid valuation of assets and liabilities by value is achieved at the same time
In addition, through the coding that will be created for the categories and subcategories of existing assets, is simplified the monitoring, the control, and the valuation of fixed assets, as well as the maintenance of a valid register of assets after the end of the inventory count, and for each new asset that the organization will then acquire.