Assets & GRAP
Asset Verification Results
The annual physical verification is the control that proves the asset register reflects reality — confirming existence, condition and completeness before the numbers reach the financial statements.
Why Asset Verification Matters
A fixed-asset register is only as trustworthy as the count behind it. Under GRAP 17, an entity must be able to demonstrate that recorded property, plant and equipment actually exists, is in the condition stated, and that nothing material is missing from the books. The annual verification is where that assurance is earned — and where qualified opinions are most often avoided or incurred.
This Year's Verification Outcome
AuditPro Core reconciles every counted item back to the register and classifies the exceptions. The illustrative figures below show a typical municipal verification cycle.
Assets Verified
91.5%
of register count
Not Found
612
to investigate
Condition Poor
2,140
candidate write-off
Newly Identified
284
unrecorded assets
Verification Outcome Split
Verification by Department
| Department | Expected | Verified | Not Found |
|---|---|---|---|
| Infrastructure | 9210 | 8640 | 211 |
| Health | 6420 | 5980 | 142 |
| Corporate Services | 12180 | 11420 | 98 |
| Community Services | 7340 | 6810 | 121 |
| Electricity | 3260 | 3050 | 40 |
Figures shown are illustrative sample data for demonstration. AuditPro Core renders these views from your own tenant's live, tamper-evident records.
Existence
Does each asset on the register physically exist and can it be located? Items that cannot be found become candidates for write-off and, if material, drive an audit qualification on PPE.
Condition
Is the asset in the condition the register claims? Assets graded poor or beyond economic repair feed the impairment assessment under GRAP 21 and the renewal backlog.
Completeness
Are there assets in use that the register does not record? Newly identified assets must be valued and capitalised, or the financial statements understate the asset base.
How AuditPro Core Bridges the Gap
- Reconciliation engine: every counted item is matched to the register automatically, leaving only genuine exceptions for the team to resolve.
- Exception workflow: not-found and poor-condition items route straight into write-off and impairment decisions with a documented trail.
- GRAP-ready output: the verification schedule exports as audit-ready evidence for the PPE working paper.
- Year-on-year tracking: chronic not-found departments surface before they become a repeat finding.
Key Takeaways
- Verification proves existence, condition and completeness — the three assertions auditors test hardest on PPE.
- Not-found items are the leading driver of PPE qualifications; track and resolve them before year-end.
- Newly identified assets must be valued and capitalised, or the asset base is understated.
- A clean verification is the cheapest insurance against a qualified opinion on the asset register.
Related Screens
Fixed Asset Register Completeness
Completeness of the fixed-asset register by asset class.
Asset Condition Assessment
Condition grading and the resulting renewal backlog.
Asset Impairments
Impairment losses recognised against non-current assets.
Depreciation by Asset Class
Annual depreciation charge allocated across asset classes.
See This on Your Own Data
AuditPro Core renders this dashboard from your tenant's live, tamper-evident records — every figure traceable to source.