A Fixed Asset Register You Can Defend in Any Audit
Most companies do not know how many of the assets on their books actually exist on the floor. We do. We physically check every asset, fix your Fixed Asset Register (FAR), and give you the records and evidence that CARO 2020 asks for. All without slowing down your business.
CARO 2020-ready evidence pack
Records, physical verification, title deeds, the lot.
RFID and barcode-led
We cover large sites in days, not weeks.
Multi-location ready
Plants, offices, stores, warehouses, hospitals.
Your Books Do Not Match Your Floor
Every Fixed Asset Register starts clean. Then years go by. Assets are bought, moved, disposed, transferred between branches. Some are stolen. Some are sold for scrap and never struck off the register. Some are still on the books but cannot be found. This is the gap that hurts during a statutory audit.
Ghost assets
Items still being depreciated, but no longer there. Scrapped, stolen, sold — never struck off.
Duplicates
The same asset entered twice during a system migration or location transfer.
Wrong location
Assets moved between branches, plants, or stores — register never updated.
On floor, not on book
Assets bought and used, but never capitalised properly.
Condition gaps
Assets in poor condition or beyond useful life, still carrying full book value.
Title deed issues
Immovable property not in the company's name — often from old mergers.
Five Questions Worth Asking Before Your Next Audit
If you say "not sure" or "no" to more than two, your FAR is probably not in the shape you think it is.
When was the last time someone independent walked your floor and matched every asset to your register?
Do you know how many assets on your books no longer exist on site?
Is your FAR maintained in Excel, or in a proper system with audit trails?
Do you have location, custodian, and condition tracked for every single asset?
If your statutory auditor asked for last year's verification report tomorrow, could you produce it in one click?
What CARO 2020 Asks of You
The Companies (Auditor's Report) Order, 2020 is the rulebook your statutory auditor uses. For Property, Plant and Equipment (PPE) under Ind AS 16 and AS 10, Clause 3(i) has five clear questions. We help you have a clean answer for every single one.
Are your records proper?
Your FAR must show full particulars of every PPE item and every intangible asset. Quantity, value, and location (called "situation" in the law).
Physically verified by management?
PPE must be physically verified at reasonable intervals. Standard practice in India is once every three years. For IT-heavy and high-growth firms, the 2026 benchmark is now annual.
Are your title deeds in order?
For all immovable property (other than leasehold), title deeds must be in the company's name. If not, the auditor must report the details in a prescribed format.
Done by a Registered Valuer?
If PPE has been revalued and the change is 10% or more of the net carrying value, the revaluation must be done by a Registered Valuer.
Any benami proceedings?
If any proceeding is initiated against the company under the Benami Transactions Act, it must be disclosed.
10% discrepancy threshold
For inventory, a separate clause applies. Discrepancies of 10% or more in any class of inventory must be reported. Below that, the report stays clean.
And There Is Also Internal Financial Controls
Section 143(3)(i) of the Companies Act, 2013 is a parallel requirement. Your statutory auditor has to report whether your company has adequate Internal Financial Controls (IFC) and whether they are working.
For all listed companies and most large private companies (turnover above ₹50 crore or borrowings above ₹25 crore), this is non-negotiable. Asset records, physical verification, and discrepancy handling are core to IFC.
Our service is designed to produce the kind of evidence both your CARO auditor and your IFC reviewer will accept without challenge.
One Service. Every Asset Class on Your Balance Sheet.
Fixed asset audit is not one thing. It is a set of jobs across the full asset balance sheet. We handle all of them.
Property, Plant and Equipment (PPE)
Plant, machinery, equipment, vehicles, furniture, office equipment, IT hardware, lab instruments. Physical verification, tagging, and reconciliation with your FAR across every site, every asset class.
Intangible Assets
Software licences, patents, trademarks, brand value. CARO 2020 added these in 2020 — most companies still do not track them properly.
Right-of-Use (ROU) Assets
Under Ind AS 116, leased properties, vehicles, and equipment sit as ROU on your books. See MYNDLeaseX for ongoing lease accounting.
Capital Work-in-Progress (CWIP)
Schedule III now wants CWIP ageing and completion delays disclosed. We check what should already be capitalised.
Inventory
Raw material, WIP, finished goods, stores and spares, packing. Cycle counts, full physical verification, valuation review, ERP reconciliation.
Title Deeds
Every immovable property matched with the actual title deed. Name mismatches flagged, CARO 2020 disclosure format prepared.
IT Asset Reconciliation
ITAM, CMDB, and FAR often hold three different "truths" about the same asset. We reconcile all three.
The Five Pillars of Our Service
Our service is built on five clear pillars. Together, they take you from a register you cannot defend to one you can.
Asset Governance
Clear ownership, clear policies, clear review cycles. The rules that keep your register clean after we leave.
FAR Build & Cleanup
Find the gaps, fix the entries, give you a single accurate register with proper audit trails.
Physical Verification
Every asset, every location, scanned and confirmed. Photos, GPS tags, condition notes. Real proof.
Asset Mapping
Every asset linked to a location, custodian, and department. So you always know where and who.
Reports for Analysis
Variance, exception, compliance dashboards. Reports your CFO and auditor can use straight away.
Software Alone Is Not Enough. Manual Alone Is Not Enough Either.
In 2026, the market has settled on one truth. You need both, working together.
ASSURE platform
Built in-house. Barcode and RFID tagging, location capture, photo evidence, offline mode, system-triggered auto-mailers, customisable dashboards.
Trained field and back-end teams
Cross-trained field auditors for plants, retail, hospitals. Back-end teams handle planning, logistics, training, and SPOC coordination.
The bridge to your books
We do not just count. Every finding matched back to your FAR, ERP, ITAM, and insurance schedule. A clean reconciliation, not a list.
If Any of These Sounds Familiar, We Should Talk
The pain shows up in similar patterns across companies and across sectors. We know the patterns. We have the playbook.
Trigger MomentsWhen companies usually call
Statutory audit cycle is starting and you have not done a thorough physical verification in two or three years.
A new CFO or Finance Controller has joined and wants to know what is really on the books.
The audit committee has flagged the lack of an independent physical verification.
Investor due diligence is coming up or you are preparing for an IPO or a fundraise.
You are setting up a Shared Services Centre and need a clean starting register.
Insurance renewal is coming up and you want cover that reflects reality.
You have grown fast — new branches, plants, acquisitions — and the register has not kept up.
IT, finance, and procurement keep giving three different answers about the same assets.
Industries We Know WellThe patterns repeat by sector
Multi-plant, capital-heavy. CWIP review and dual-ERP reconciliation (SAP + Tally).
500+ stores is common. Fit-out updates, closure registers, brand audits.
High store count, kitchen equipment that moves. Audits outside service hours.
High-mobility laptops, ITAM-CMDB-FAR reconciliation. Annual norm.
Diverse equipment, scrutiny on medical assets. Phased, non-disruptive audits.
Branch networks, ATMs, IT assets. Pan-India coverage, single-window reporting.
Numbers From Real Client Work, Not Promises
What the engagement delivers, and the evidence pack you walk away with.
Compliance achieved
Across locations within the first full cycle.
Material reduction in ghost assets
Inflated register values surfaced in the first audit.
Cleaner net block
More accurate depreciation from the next financial year.
Faster verification cycles
Compared to manual methods, thanks to RFID and ASSURE.
The Evidence Pack You Get at the End
Everything your statutory auditor, audit committee, or an investor would ask for. Audit-ready, no rework needed.
Clean, structured Fixed Asset Register with every field populated
Asset-level photos, GPS tags, and condition notes
Location-wise variance reports
Exception logs classified (missing, surplus, wrong location, condition issue)
Title deed status report for all immovable property
CWIP ageing and capitalisation recommendations
Reconciliation report between FAR, ERP, and ITAM
Compliance dashboards by site and by asset class
Management sign-off pack ready for the audit close
From First Call to Final Report
Five steps. Predictable timeline. No surprises.
Tell us what you need
A 30-minute call. What is bothering you and which audit window we are working towards.
We scope and propose
Sites, asset classes, timeline, deliverables, team, commercials. Written. No hidden line items.
We set up
ERP connection, field team training, SPOC alignment at each site.
We do the work
Field teams scan, photograph, record. Back-end reconciles in parallel. Live dashboard.
Reports & walkthrough
Evidence pack handed over. Findings walked through. Next cycle planned.
Why Companies Choose MYND
Not a CA firm doing this on the side. Not a software vendor pushing a tool. A back-office services partner with our own technology and our own trained teams.
Two decades of work
1,000+ enterprise clients across 30+ industries.
Proprietary ASSURE platform
Built for multi-location verification at scale.
Project management discipline
Route mapping, logistics, site SPOCs, clear timelines.
Modular service
Full engagement, FAR cleanup, verification only — fits your scope.
Minimal disruption
We work around your shifts, store hours, patient timings.
Audit-aware from day one
Deliverables that land in the auditor's hands without rework.
Outcomes Across Manufacturing, Retail, and BFSI
A glimpse of the work we have done for clients with multi-location asset bases.
What This Means for Your Role
Different chairs in the room ask different questions. Here is what changes for each.
- Clean books for audit, IFC, and board review — net block reflects what is actually on the floor.
- Decision-grade dashboards for CFO, audit committee, and board.
- One partner, one accountability line across plants, branches, and asset classes.
- Investor-ready records for due diligence, IPO, and fundraise conversations.
- FAR cleanup — a single, structured register replacing scattered Excel files.
- Reconciliation between FAR, ERP, and ITAM, with variance and exception logs documented.
- CWIP ageing and capitalisation recommendations in Schedule III format.
- Audit-ready evidence pack, ready to hand over without rework.
- Minimal disruption — visits planned around your shifts, store hours, patient timings.
- Asset mapping — every item linked to a location, custodian, department.
- Tagging that lasts — barcode and RFID suited to your environment.
- A clear single point of contact on the MYND side for every site.
Finance Teams Ask Us These
Straight answers, no jargon. Tap a question to expand.
The law says "at reasonable intervals". It does not give a specific number of years. In practice, most Indian companies do a thorough physical verification once every three years. But for IT-heavy companies, high-growth firms, and any business with multi-location operations, annual verification is becoming the 2026 standard.
A ghost asset is an item on your Fixed Asset Register that no longer exists. It was scrapped, stolen, sold, or transferred and never written off. It keeps depreciating on your books. Industry studies put ghost assets at 15-25% of the asset base in many large Indian manufacturing and IT companies. Yes, it is a real problem. It inflates your net block, distorts depreciation, and overstates your insurance cover.
Yes. An ERP records what was bought. It does not confirm whether it is still on the floor. CARO 2020 specifically asks for physical verification by management, not just ERP records.
Both are in scope. CARO 2020 added intangibles to Clause 3(i)(a) in 2020. ROU assets under Ind AS 116 also need verification, and the lease deeds need to be in the company's name. We cover both. See also MYNDLeaseX for ongoing lease accounting.
Route mapping and logistics planning. We schedule visits around your business hours. For retail and QSR, we work outside peak hours. For manufacturing, we work in coordination with plant shifts. For hospitals, we work around patient care timings. Our field teams are trained to be unobtrusive.
Yes. We check every immovable property in your records, verify the title deed is in the company's name, flag any name mismatch (often from pre-merger entities), and prepare the disclosure format that CARO 2020 needs.
We review your CWIP balances, check what should already have been capitalised, identify cost overruns, and prepare the Schedule III ageing disclosure your statutory auditor will ask for.
A statutory auditor checks and reports. We do the underlying work. We are the team that gives the statutory auditor something clean to check. Many CA firms actually rely on the kind of evidence pack we deliver.
SAP, Oracle, Tally, Microsoft Dynamics, and most other major ERPs. We have done dual-ERP environments (SAP plus Tally is common in Indian manufacturing). We provide ERP integration and data migration support as part of the setup.
Our deliverables are designed to support IFC reporting. The evidence pack, the discrepancy logs, the management sign-offs, the SOPs, all map directly to what an IFC reviewer expects to see for asset-related controls.
It depends on the number of sites and the asset volume. A single-site engagement can close in 2-3 weeks. A multi-site rollout across 50+ locations typically runs over 2-3 months. We give a clear timeline in the proposal.
We use encrypted data transfer, secure cloud storage, role-based access controls, and standard non-disclosure agreements. Our processes align with ISO standards.
Ready to Get Your FAR in Order?
Whether your next statutory audit is in three months or next March, the right time to start is now. Talk to our team for a free, no-obligation FAR health check.