Compliance Monitoring
Asset Verification & Existence
The existence of PPE on the balance sheet rests on a physical count reconciled to the GRAP asset register.
Why the annual asset count underpins the existence assertion
GRAP requires property, plant and equipment to be recognised, valued and disclosed, and the existence assertion behind those balances rests on a physical verification reconciled to the fixed asset register. Where the annual count is incomplete or unreconciled, the AGSA cannot gain assurance that the assets on the balance sheet actually exist, producing some of the most common PPE qualifications in the sector. AuditPro Core captures the results of the physical asset count and reconciles them to the GRAP register so existence is evidenced and exceptions — missing, unrecorded or misplaced assets — are resolved before year-end.
The Numbers
AuditPro Core renders this view from your tenant's live, tamper-evident records. The figures below are illustrative sample data.
Assets counted
84%
▲ 12%
Unverified high-value
187
Not on register
342
found on floor
Register value
R 4.2bn
Verification status by asset class
Unverified high-value assets
| Asset | Carrying value | Last location |
|---|---|---|
| Standby generator | R 2.1 m | Depot B |
| Server cluster | R 1.4 m | Data centre |
| Grader | R 3.6 m | Unknown |
Figures shown are illustrative sample data for demonstration. AuditPro Core renders these views from your own tenant's live, tamper-evident records.
Existence versus completeness
Verification tests two directions: assets in the register that can be found (existence) and assets found that are in the register (completeness). A one-directional count proves only half the assertion.
Reconciliation, not just counting
Counting assets has no audit value until the count is reconciled to the register and differences are investigated. The reconciliation is where assurance is actually produced.
Common exceptions
Counts surface assets that exist but are unrecorded, assets recorded but not found, and assets in the wrong location or condition. Each exception has a different accounting and control consequence.
Timing before year-end
Running and resolving the count before year-end gives time to correct the register, so the financial statements reflect a reconciled position rather than carrying unresolved differences into the audit.
How AuditPro Core Bridges the Gap
- Count capture: physical verification results are recorded and matched against the GRAP fixed asset register.
- Reconciliation engine: register-to-floor and floor-to-register differences are itemised in both directions.
- Exception workflow: missing, unrecorded and misplaced assets are raised, assigned and tracked to resolution.
- Audit-ready export: the reconciled existence position and exception log support the PPE audit file.
Key Takeaways
- Test existence and completeness — count in both directions.
- Counting without reconciliation produces no assurance.
- Each exception type carries a distinct accounting consequence.
- Resolve the count before year-end so the statements reflect a reconciled register.
See This on Your Own Data
AuditPro Core renders this dashboard from your tenant's live, tamper-evident records — every figure traceable to source.