{"id":9494,"date":"2023-01-26T13:26:06","date_gmt":"2023-01-26T20:26:06","guid":{"rendered":"https:\/\/limblecmms.com\/?p=9494"},"modified":"2025-05-30T13:04:18","modified_gmt":"2025-05-30T19:04:18","slug":"audit","status":"publish","type":"post","link":"https:\/\/limblecmms.com\/blog\/audit\/","title":{"rendered":"How to perform a quick and efficient asset audit"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column][vc_column_text]<span style=\"font-weight: 400;\">No matter the industry, an organization must have a clear picture of its physical assets. Asset audits help you keep a close eye on your most valuable equipment, and prevent it from becoming a <span id=\"what-is-an-asset-audit\"><\/span>liability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This article will outline how to set up an efficient asset audit process and explain why you should invest time in doing such a seemingly exhausting task on a regular basis.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column][vc_column_text]<\/p>\n<h2><span style=\"font-weight: 400;\">What is an asset audit?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">An asset audit is a process of reviewing all of your assets to verify their status, providing an accurate picture of what you actually own. It is done to ensure\u00a0<\/span><a href=\"https:\/\/limblecmms.com\/blog\/facility-asset-management\/\" target=\"_blank\" rel=\"noopener\">facility <span style=\"font-weight: 400;\">asset management<\/span><\/a><span style=\"font-weight: 400;\"> is done <\/span><b>transparently, accurately, and responsibly.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">To do so,<span id=\"how-to-perform-an-asset-audit\"><\/span> organizations must:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Determine whether or not an asset shown in the balance sheet physically exists<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assess the physical deterioration of assets and the asset value<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify risks to the asset\u2019s proper functioning<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure the asset meets applicable requirements and regulations<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><span style=\"font-weight: 400;\">How to perform an asset audit<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Asset audit procedures vary from one organization to another. The auditors themselves usually <\/span><span style=\"font-weight: 400;\">decide how it gets done, but there are typically a few common steps in every audit.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-9497\" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/Steps-to-perform-an-asset-audit.webp\" alt=\"\" width=\"1500\" height=\"1453\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">1. Prepare your organization for an asset audit<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To prevent a sloppy internal audit, plan ahead. Here are some essential preparation steps:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Set dates for auditing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form teams and assign responsibilities\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify data sources and write audit checklists<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check for any new regulations that may impact your assets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allocate the appropriate resources for auditing (personnel, time, access to required records)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Decide which tool you will use to record and report the process<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As you can see, having diligent accounting and maintenance teams that keep asset records up to date will pay off quickly in this step.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2. Make a list of your physical assets<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your organization already has<\/span>an accurate asset registry<span style=\"font-weight: 400;\">, the audit process will be noticeably smoother. Auditors will need to manually compare assets to their records later (in step 4) to confirm the asset\u2019s condition and the accuracy of the record.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below is how an asset register looks within Limble CMMS.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-9496\" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/image8.webp\" alt=\"\" width=\"1012\" height=\"818\" \/><\/p>\n<p><i><span style=\"font-weight: 400;\">An example of hierarchical asset structure inside Limble CMMS<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">When creating a list of assets from scratch, use a hierarchy based on the asset\u2019s role, priority, or location (as shown in the image above).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fields you should record while creating the list include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Location:<\/b><span style=\"font-weight: 400;\"> It is unlikely all your assets are in the same department or on the same floor. Write down the specific location of each asset in your asset record.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Manufacturer, model<\/b><span style=\"font-weight: 400;\">, <\/span><b>and serial number:<\/b><span style=\"font-weight: 400;\"> This helps identify and differentiate between assets of the same type.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Purchase\/installation date: <\/b><span style=\"font-weight: 400;\">This information helps in planning for<\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/equipment-depreciation\/\"> <span style=\"font-weight: 400;\">asset depreciation<\/span><\/a><span style=\"font-weight: 400;\">, replacement, or even setting a maintenance schedule.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Specific asset data:<\/b><span style=\"font-weight: 400;\"> Track other specific details that you might need to properly maintain the asset or satisfy external auditors (such as preventive maintenance history).\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">CMMS users will likely already have this data since most systems require it when adding a new asset to the asset register.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Determine the value of your fixed assets\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The value of your company assets changes over time \u2014 sometimes substantially. It is essential to determine the current value of your assets as part of your audit. This will also help you perform asset lifecycle management, and determine how much your business is worth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The methodology used to calculate the value of assets depends on the asset you are verifying. Have your accounting department help you with asset valuation. You will most likely use the <\/span><a href=\"https:\/\/www.successionresource.com\/blog\/asset-valuation-methods\"><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">three principal methods<\/span><\/a><span style=\"font-weight: 400;\"> to determine the value of your \u201ctangible\u201d assets:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cost method:<\/b><span style=\"font-weight: 400;\"> The value of the asset is its purchase price.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Market value method:<\/b><span style=\"font-weight: 400;\"> The market price of your asset is its present value.\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Value-based method:<\/b><span style=\"font-weight: 400;\"> The value is derived after subtracting the accumulated depreciation from the asset\u2019s original cost.\u00a0<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">4. Verify the accuracy of the data\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Use the asset register to physically verify each asset on your list. Make sure they exist, and confirm their condition \u2014 whether or not the asset is working \u2014 and compliance with the latest regulatory standards.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Verification helps you substantiate the data in your balance sheet and ensure that the asset data you have on file for reporting and planning is accurate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If there are any discrepancies, make a note of them for the next step.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. Update the asset register<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">After you\u2019re done auditing, make sure to compare your findings with the list of assets you created in step 2 or pulled from your asset management system (if you\u2019re using one). Take the following steps to update your asset register:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tag each missing asset as a<\/span><a href=\"https:\/\/www.accountingtools.com\/articles\/ghost-asset-definition\"> <span style=\"font-weight: 400;\">ghost asset<\/span><\/a><span style=\"font-weight: 400;\"> to be written off.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Correct discrepancies in your asset register to ensure it is complete and up-to-date.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify patterns or root causes of discrepancies in your asset register or other documentation.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This last step is critical: it is often overlooked but is the most valuable. Keeping an accurate asset register can be a challenging task, especially for assets that are often moved across multiple locations. Following up your audit by improving your documentation practices will prevent data and compliance issues later.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Make sure to leverage internal controls like the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/limblecmms.com\/blog\/standard-operating-procedure-sop\/\"><span style=\"font-weight: 400;\">Create SOPs<\/span><\/a><span style=\"font-weight: 400;\"> to be followed when moving assets to a different location or returning an item to inventory.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create a<\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/Naming_convention#:~:text=A%20naming%20convention%20is%20a,the%20names%20based%20on%20regularities.\"> <span style=\"font-weight: 400;\">naming convention<\/span><\/a><span style=\"font-weight: 400;\"> to make<span id=\"objectives-of-an-asset-audit\"><\/span> sure everyone is entering asset data in the same format.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create a<\/span><a href=\"https:\/\/www.camcode.com\/blog\/6-steps-in-asset-tagging-process-flow\/\"> <span style=\"font-weight: 400;\">labeling system<\/span><\/a><span style=\"font-weight: 400;\"> to tag or barcode assets in order to simplify <a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/asset-tracking\/\">asset tracking<\/a> and ensure more accurate records.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use a <a href=\"\/cmms\/\">CMMS<\/a> or other software to digitally track your fixed assets.\u00a0\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Objectives of an asset audit<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The accuracy of your balance sheet and financial records is important. Asset audits prevent misstatements and can ensure decisions are made on firm ground.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you still need convincing, here are additional benefits of running regular asset audits:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Planning for capital upgrades: <\/b><span style=\"font-weight: 400;\">The audit enables planning for future system upgrades, equipment replacements, or other capital expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Depreciation Management: <\/b><span style=\"font-weight: 400;\">The value of your assets decreases over time due to<\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/wear-and-tear\/\"> <span style=\"font-weight: 400;\">wear and tear<\/span><\/a><span style=\"font-weight: 400;\">. Regular asset auditing offers a way to track the depreciation of every asset.\u00a0 \u00a0 <\/span><b>\u00a0\u00a0<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regulatory compliance: <\/b><span style=\"font-weight: 400;\">All companies must adhere to government and industry regulations; failing to do so can result in hefty fines. The asset audit identifies equipment and uses that fail to meet ever-changing guidelines \u2014 so you can quickly fix a compliance violation.\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Managing expenses<\/b><span style=\"font-weight: 400;\">: Frequent asset audits help optimize asset use and set maintenance schedules, which reduce damage to machinery and equipment. They also ensure there is no loss or theft of assets.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Eliminating ghost assets: <\/b><span style=\"font-weight: 400;\">There are <span id=\"use-cmms-to-simplify-asset-audit\"><\/span>assets that you cannot physically verify because they are either stolen, lost, misplaced, or destroyed \u2014 but they still appear on your balance sheet and financial reports. The audit enables you to identify such assets and remove them from your asset record.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Use a CMMS to simplify asset auditing<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Manual auditing is a thing of the past. Digitalization of the fixed asset audit process improves its speed and accuracy by a large margin.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a few different tools that will provide quick access to real-time data about all assets in your organization \u2014\u00a0<\/span><a href=\"https:\/\/limblecmms.com\/cmms\/cmms-software\/\"><span style=\"font-weight: 400;\">CMMS software<\/span><\/a><span style=\"font-weight: 400;\"> is one of them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When used properly, it will:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accurately <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/asset-tracking\/\"><span style=\"font-weight: 400;\">track the location of all your assets<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Eliminate virtually all paperwork<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide an asset registry where you can store asset information \u2014 location, associated cost, manufacturer, model, serial number, performance, downtime statistics, etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allow you to <span id=\"asset-auditing-is-essential\"><\/span>quickly extract relevant and accurate data for asset auditors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Help you generate real-time reports<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Help ensure your assets are regularly maintained and meet regulatory requirements<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019re still not convinced, check how <\/span><a href=\"https:\/\/limblecmms.com\/customer-story\/spectrum-solutions\/\"><span style=\"font-weight: 400;\">Limble CMMS helped Spectrum Solutions<\/span><\/a> <span style=\"font-weight: 400;\">aced their external audit.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Smash the audit with Limble!\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/ONSFV8d8byQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2><span style=\"font-weight: 400;\">Asset auditing is essential \u2014 don\u2019t neglect it<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The performance and reputation of your business often hinges on your assets. They facilitate business operations and increase the value of your company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Frequent audits are recommended for equipment with high mobility such as vehicles, while annual audits will be sufficient for static equipment like machinery.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The best way to simplify an asset audit \u2014 and asset management in general \u2014 is to implement a modern asset management software or CMMS like Limble.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To see Limble in action,<\/span> <a href=\"https:\/\/limblecmms.com\/demo-request\/\"><span style=\"font-weight: 400;\">schedule a product demo<\/span><\/a> <span style=\"font-weight: 400;\">or<\/span><a href=\"\/get-started\/\"> <span style=\"font-weight: 400;\">start a free trial<\/span><\/a><span style=\"font-weight: 400;\">.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column][vc_column_text]No matter the industry, an organization must have a [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[399],"tags":[],"class_list":["post-9494","post","type-post","status-publish","format-standard","hentry","category-asset-maintenance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Perform a Quick and Efficient Asset Audit<\/title>\n<meta name=\"description\" content=\"Learn how to perform an asset audit that is accurate and efficient with the right tools and resources to improve your asset maintenance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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