Assets & GRAP
Fixed Asset Register Completeness
Completeness of the fixed-asset register by asset class.
Why Register Completeness Protects the Opinion
A complete fixed-asset register is the precondition for an unqualified opinion on property, plant and equipment, because GRAP 17 requires that all assets controlled by the entity are recognised, classified and valued. Incomplete registers, missing infrastructure assets in particular, are among the most persistent causes of qualifications in the local-government audit. AuditPro Core assesses register completeness by asset class so gaps are identified and closed before they become an AGSA finding.
The Numbers
AuditPro Core renders this view from your tenant's live, tamper-evident records. The figures below are illustrative sample data.
Register Completeness
94.2%
▲ 3 pts YoY
Assets on Register
48,210
line items
Unbarcoded Assets
1,840
untagged
Carrying Value
R 9.84 bn
net of depreciation
Completeness by Asset Class (%)
Asset Class Detail
| Asset Class | Items | Carrying (R m) | Complete % |
|---|---|---|---|
| Land & Buildings | 1240 | 3820 | 99% |
| Infrastructure | 8640 | 4910 | 92% |
| Plant & Equipment | 6210 | 612 | 95% |
| Vehicles | 980 | 284 | 97% |
| Furniture & Office | 31140 | 114 | 88% |
Figures shown are illustrative sample data for demonstration. AuditPro Core renders these views from your own tenant's live, tamper-evident records.
Completeness assertion
Completeness means every asset the entity controls is on the register, with nothing material omitted. It is distinct from existence, which tests that recorded assets are real; an entity can fail one without failing the other.
Asset classes
Assets are grouped into classes such as infrastructure, buildings, plant and equipment, each with its own recognition and depreciation treatment. Infrastructure is the highest-risk class because it is large, dispersed and often poorly documented.
Unbundling and componentisation
Large assets must be broken into significant components with their own useful lives under GRAP. A register that records infrastructure as single line items is incomplete in substance even if every project appears.
How AuditPro Core Bridges the Gap
- Reconciliation: the register reconciles to the general ledger and to capital project records, exposing assets capitalised in the books but absent from the register.
- Exception workflow: asset classes with completeness gaps are flagged for investigation and addition before reporting.
- Audit-ready export: the register and its reconciliation export ready for the PPE note and the auditor's completeness testing.
- Traceability to source: each asset links to its acquisition or project source, supporting recognition and valuation.
Key Takeaways
- Completeness and existence are different assertions; the register must satisfy both.
- Infrastructure is the highest-risk class for completeness gaps.
- Componentise large assets, or the register is incomplete in substance.
- Reconcile the register to the ledger and project records to find omissions.
See This on Your Own Data
AuditPro Core renders this dashboard from your tenant's live, tamper-evident records — every figure traceable to source.