Closing the verification audit involves finalizing the audit process and preparing a report that summarizes the findings and recommendations. This includes reviewing the results of the physical verification of assets, reconciling discrepancies, updating the fixed asset register, and addressing any issues or concerns that were identified during the audit.
Once the audit report is prepared and approved, the verification audit process can be closed by updating the fixed asset register and other relevant records. This includes making any necessary adjustments to asset values, depreciation calculations, and asset location or custodian details. The fixed asset register should also be updated to reflect the current status of each asset, including any disposals, transfers, or additions that occurred during the audit process.
Closing the verification audit also involves communicating the results of the audit to relevant stakeholders, such as management, finance teams, and auditors. This may involve presenting the audit report and recommendations, discussing any remedial actions that need to be taken, and identifying any areas for improvement in the fixed asset management process.