Fixed Asset Verification and Asset Control Service
Know What You Own. Protect What You Have. Optimize What You Use.
Fixed assets represent one of the largest investments most Nigerian businesses make—property, plant, equipment, vehicles, and infrastructure. Yet many organisations lack accurate records of what they own, where it is located, and what condition it is in. This creates significant risks: misstated financial statements, asset loss and theft, insurance gaps, audit findings, and poor capital allocation decisions. At Qeeva Advisory, we provide fixed asset verification and asset control services that give you complete visibility into your asset base, strengthen controls, and protect your investments.
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Why Nigerian Organisations Need Fixed Asset Verification and Asset Control
Fixed assets are vulnerable to loss, misappropriation, and mismanagement. Without accurate records and robust controls, organisations expose themselves to significant financial and operational risks. Here are the most critical challenges we help you address.
Inaccurate Fixed Asset Registers – Many organisations maintain fixed asset registers that are incomplete, outdated, or inaccurate. Assets may be recorded that no longer exist, while assets in use may not be recorded at all. This leads to misstated financial statements and audit findings.
Asset Loss and Misappropriation – Without proper controls, fixed assets are vulnerable to theft, misappropriation, and unauthorized disposal. Assets that are not tagged, tracked, or reconciled are easy targets. Physical verification is a critical control that detects missing assets and unauthorised movements.
Depreciation Calculation Errors – Incorrect depreciation calculations affect financial statements, tax liabilities, and asset carrying values. Common errors include incorrect useful lives, wrong depreciation methods, and failure to account for asset disposals or impairments.
Physical Count Discrepancies – Discrepancies between physical assets and accounting records are common. Assets may be physically present but not recorded, recorded but missing, or located at different sites than recorded.
Impairment and Obsolescence – Assets may become impaired or obsolete, but without regular assessment, carrying values remain overstated. Impairment testing requires assessment of indicators, recoverable amounts, and fair value less costs of disposal.
Insurance Coverage Gaps – Without accurate asset records, organisations may be underinsured or overinsured. Underinsurance leaves the business exposed, while overinsurance wastes premium.
Capital Expenditure Misallocation – Without accurate asset data, organisations cannot make informed decisions about capital expenditure, asset replacement, or asset disposal.
Regulatory and Audit Requirements – Auditors require physical verification of fixed assets, confirmation of existence, and assessment of valuation. The Financial Reporting Council of Nigeria expects robust controls over fixed assets and accurate financial reporting.
Multi-Location Asset Complexity – Organisations with multiple locations, branches, or project sites face complex asset tracking challenges. Assets move between locations, are used on projects, or are deployed to remote sites without adequate tracking.
The Solution: Fixed Asset Verification and Asset Control
We provide fixed asset verification and asset control services that give you complete visibility into your asset base, strengthen controls, and protect your investments. Our approach combines physical verification, register reconciliation, controls assessment, and ongoing asset management.
At Qeeva Advisory, we understand that fixed assets are not just accounting entries—they are critical business assets that require robust controls. Our team brings deep expertise in fixed asset management, internal controls, and financial reporting. We help you establish and maintain accurate fixed asset registers, implement robust asset controls, and optimize asset utilization.
Whether you need a one-time fixed asset verification exercise, ongoing asset control services, or a complete fixed asset management system, we provide the expertise and commitment to help you protect and optimize your asset base.
Our Comprehensive Fixed Asset Verification and Asset Control Services
We offer end-to-end fixed asset verification and asset control services tailored to the Nigerian business environment.
Fixed Asset Verification
We conduct comprehensive physical verification of your fixed assets.
Physical Asset Verification – We conduct physical verification of all fixed assets, including property, plant, equipment, vehicles, furniture, and IT assets. We confirm existence, location, condition, and use.
Asset Tagging and Identification – We tag and identify assets with unique identifiers, enabling ongoing tracking and verification. Tagging creates an auditable link between physical assets and accounting records.
Condition Assessment – We assess the physical condition of assets, identifying assets that are damaged, obsolete, or requiring replacement. This informs repair/replace decisions and impairment assessment.
Location Verification – We verify the location of each asset, confirming that assets are at their recorded locations. For multi-location organisations, this includes verification across all sites.
Asset Register Reconciliation – We reconcile verified physical assets with your fixed asset register, identifying discrepancies including missing assets, unrecorded assets, and location differences.
Verification Reporting – We provide comprehensive reports documenting verification results, discrepancies, and recommendations for corrective action.
Fixed Asset Register Development and Clean-Up
We help you establish and maintain accurate fixed asset registers.
Fixed Asset Register Development – We develop complete fixed asset registers from scratch, capturing all relevant information for each asset including description, location, acquisition date, cost, useful life, depreciation method, and carrying value.
Fixed Asset Register Clean-Up – We clean up existing registers, correcting errors, removing ghost assets, adding unrecorded assets, and updating information. This ensures your register reflects physical reality.
Asset Capitalization Review – We review capitalisation policies and practices, ensuring assets are appropriately capitalised or expensed in accordance with applicable standards.
Useful Life and Depreciation Review – We review useful lives and depreciation methods, ensuring they reflect asset usage, expected life, and applicable accounting standards.
Asset Categorisation – We categorise assets appropriately for financial reporting, depreciation, insurance, and management purposes.
Component Accounting – We identify assets requiring component accounting, where significant components are depreciated separately.
Depreciation and Impairment Assessment
We ensure accurate depreciation and impairment of fixed assets.
Depreciation Calculation Verification – We verify depreciation calculations, ensuring accuracy and consistency with accounting policies and standards.
Depreciation Policy Review – We review depreciation policies, ensuring they are appropriate for each asset class and consistent with applicable standards.
Impairment Assessment – We assess assets for impairment indicators, determining whether carrying values exceed recoverable amounts. We calculate impairment losses and support recognition.
Impairment Reversal Assessment – We assess whether previously recognised impairment losses should be reversed, where indicators of reversal exist.
Asset Disposal Accounting – We review accounting for asset disposals, ensuring gains or losses are correctly calculated and recognised.
Asset Control Systems
We design and implement robust asset control systems.
Asset Control Policies and Procedures – We develop asset control policies and procedures covering acquisition, recording, tagging, verification, maintenance, transfer, and disposal.
Segregation of Duties – We establish segregation of duties to prevent asset misappropriation. Responsibilities for asset custody, recording, and reconciliation should be separated.
Asset Acquisition Controls – We design controls over asset acquisition, including authorization, capitalisation assessment, and recording.
Asset Transfer Controls – We design controls over asset transfers between locations, departments, or business units, ensuring proper authorization and recording.
Asset Disposal Controls – We design controls over asset disposal, ensuring proper authorization, documentation, and accounting.
Access Controls – We establish access controls over high-value or sensitive assets, including physical security and system access.
Maintenance Management – We help establish preventive maintenance schedules and maintenance tracking systems that protect asset value and extend useful life.
Asset Tracking Systems
We help you implement systems that enable ongoing asset tracking.
Barcode and RFID Tagging – We implement barcode and RFID tagging systems that enable efficient asset identification and tracking.
Asset Management Software – We help you select and implement fixed asset management software that enables efficient tracking, depreciation calculation, and reporting.
Asset Register Integration – We integrate asset registers with accounting systems, ensuring accurate and timely financial reporting.
Mobile Verification Tools – We deploy mobile verification tools that enable efficient physical verification across locations.
Real-Time Asset Visibility – We design dashboards and reporting that provide real-time visibility into your asset base.
Insurance Valuation
We provide valuations that support insurance coverage.
Replacement Cost Assessment – We determine replacement cost for insurance purposes, ensuring adequate coverage for all assets.
Insurance Schedule Preparation – We prepare insurance schedules that accurately reflect your asset base, ensuring appropriate coverage.
Insurance Coverage Review – We review insurance coverage against asset values, identifying gaps or over-coverage.
Claims Support – We provide valuation support for insurance claims following asset damage or loss.
Fixed Asset Financial Reporting
We provide valuations and advisory for financial reporting.
Fixed Asset Register for Financial Statements – We prepare fixed asset registers that support accurate financial statement reporting, including cost, accumulated depreciation, and carrying value.
Fair Value Measurement – For assets measured at fair value, we provide fair value assessments in accordance with IFRS 13.
IFRS Compliance – We ensure fixed asset accounting complies with IAS 16 (Property, Plant and Equipment), IAS 36 (Impairment), IFRS 5 (Non-Current Assets Held for Sale), and other applicable standards.
Note Disclosure Support – We prepare fixed asset note disclosures for financial statements, including movements in cost and accumulated depreciation.
Asset Revaluation – For entities that adopt the revaluation model, we support revaluation exercises, including valuation, journal entries, and deferred tax implications.
Disposal and Retirement Services
We help manage asset disposal and retirement.
Asset Disposal Reviews – We identify assets for disposal, assessing whether disposal or continued use is appropriate.
Disposal Process Management – We manage the asset disposal process, including authorization, valuation, sale, and accounting.
Environmental and Regulatory Compliance – For asset disposals requiring environmental compliance, we support regulatory requirements.
Disposal Accounting – We account for asset disposals, calculating gains or losses and removing assets from the register.
Internal Audit and Assurance
We provide independent assurance over fixed asset management.
Fixed Asset Audit – We conduct fixed asset audits that provide independent assurance over asset existence, accuracy, and controls.
Control Testing – We test fixed asset controls to assess their design and operating effectiveness.
Fraud Risk Assessment – We assess fraud risks related to fixed assets and recommend preventive controls.
Audit Readiness – We prepare you for external audits, ensuring fixed asset records and controls meet auditor expectations.
Benefits of Fixed Asset Verification and Asset Control
Accurate Financial Reporting – Ensure fixed asset registers are accurate and depreciation is correctly calculated, supporting reliable financial statements.
Asset Protection – Detect and prevent asset loss, misappropriation, and unauthorized disposal through robust controls.
Audit Readiness – Meet auditor requirements for fixed asset verification and documentation, avoiding audit findings and qualifications.
Insurance Adequacy – Ensure insurance coverage is adequate and aligned with replacement values.
Capital Allocation – Make informed decisions about asset acquisition, replacement, and disposal based on accurate asset data.
Operational Efficiency – Optimize asset utilization, reduce downtime, and extend useful life through maintenance management.
Compliance – Meet regulatory requirements for fixed asset accounting, verification, and reporting.
Peace of Mind – Know that your assets are properly recorded, protected, and managed.
Industries We Serve
We provide fixed asset verification and asset control services across multiple sectors in Nigeria.
Manufacturing – We help manufacturers verify plant, machinery, equipment, and facilities across production sites.
Oil and Gas – We help energy companies verify assets across remote sites, including drilling equipment, facilities, and infrastructure.
Banking and Financial Services – We help financial institutions verify property, branch assets, IT equipment, and other fixed assets.
Healthcare – We help hospitals and healthcare providers verify medical equipment, facilities, and infrastructure.
Education – We help universities, schools, and educational institutions verify assets across campuses.
Retail and Consumer Goods – We help retailers verify store fixtures, equipment, vehicles, and facilities.
Real Estate and Construction – We help developers and construction companies verify construction equipment, vehicles, and property.
Government and Public Sector – We help government entities verify public assets and infrastructure.
Technology and Digital – We help tech companies verify IT assets, data centres, and equipment.
Hospitality – We help hotels and restaurants verify furniture, fixtures, equipment, and facilities.
Non-Profit and NGOs – We help mission-driven organisations verify assets and demonstrate stewardship.
Our Engagement Process
We follow a structured, collaborative process to deliver high-impact fixed asset verification and asset control.
Phase 1: Planning and Preparation – We understand your asset base, locations, and control environment. We develop a verification plan, define scope, and prepare for fieldwork.
Phase 2: Physical Verification – We conduct physical verification of assets across all locations. We tag assets, record condition and location, and document findings.
Phase 3: Reconciliation and Analysis – We reconcile verified assets with accounting records, identifying discrepancies. We analyze findings and develop recommendations.
Phase 4: Reporting – We provide a comprehensive report documenting verification results, discrepancies, and recommendations for corrective action.
Phase 5: Implementation Support – We support implementation of corrective actions, including register clean-up, control improvements, and system implementation.
Phase 6: Ongoing Verification and Monitoring – We provide ongoing verification and monitoring services, including periodic physical counts and control testing.
Why Choose Qeeva Advisory for Fixed Asset Verification and Asset Control
Deep Asset Management Expertise – We have deep expertise in fixed asset management, internal controls, and financial reporting. Our team understands the accounting standards, control requirements, and practical challenges of fixed asset management.
Nigerian Market Knowledge – We understand the Nigerian business environment, including the challenges of asset management across locations, infrastructure constraints, and regulatory requirements.
Technology-Enabled – We leverage barcode, RFID, and asset management technology to deliver efficient, accurate verification.
Rigorous Methodology – We use established methodologies for physical verification, reconciliation, and controls assessment.
Audit-Ready Documentation – We produce verification reports and documentation that withstand audit scrutiny.
Practical and Actionable – We provide practical recommendations that improve controls and protect assets.
End-to-End Support – We provide comprehensive services from verification to register clean-up to control implementation.
Long-Term Partnership – We build lasting relationships, providing ongoing support as your asset base evolves.
Confidentiality and Integrity – We treat your asset and financial information with the highest level of confidentiality.
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Suggested Reading
Common Accounting Errors That Affect Profitability in Nigeria – Accounting errors quietly drain profits, attract penalties, and limit growth. This article walks you through the most common errors affecting Nigerian businesses and how to fix them.
Preparing a Business for External Audits in Nigeria – External audits can be daunting, but with the right preparation, they become an opportunity to demonstrate your business’s financial integrity.
Budgeting Techniques for Sustainable Growth in Nigeria – A well-structured budget is not about restraint. It is about direction, clarity, and control.
Deferred Tax Asset Validation Burndown: Complete Guide for Nigerian Businesses – Deferred tax asset validation is a critical financial reporting discipline that has become even more important with the enactment of the NTA 2025.
Frequently Asked Questions (FAQ)
1. What is fixed asset verification?
Fixed asset verification is the process of physically confirming the existence, location, condition, and use of an organisation’s fixed assets. It ensures that accounting records accurately reflect physical assets.
2. Why do I need fixed asset verification?
Fixed asset verification ensures accurate financial reporting, detects asset loss and misappropriation, supports insurance coverage, meets audit requirements, and informs capital allocation decisions.
3. How often should fixed assets be verified?
Best practice is to verify high-value and movable assets annually, with full verification at least every two to three years. Organisations with significant asset risk may verify more frequently.
4. What is a fixed asset register?
A fixed asset register is a detailed record of all fixed assets, including description, location, acquisition date, cost, useful life, depreciation method, and carrying value. It is the foundation of fixed asset accounting and control.
5. What is asset tagging?
Asset tagging involves attaching unique identifiers (barcodes or RFID tags) to physical assets, enabling efficient identification, tracking, and verification.
6. How do you handle multi-location asset verification?
We deploy teams to each location, using mobile verification tools to conduct efficient physical counts. We reconcile results across locations and consolidate findings.
7. What is impairment assessment?
Impairment assessment determines whether an asset’s carrying value exceeds its recoverable amount. If so, an impairment loss is recognised. We assess impairment indicators and calculate impairment losses.
8. How do you support insurance valuation?
We determine replacement cost for insurance purposes, prepare insurance schedules, and review coverage against asset values.
9. Do you serve businesses outside Lagos?
Yes. While our head office is in Ikeja, Lagos, we serve businesses across Nigeria. Our fixed asset verification services are available to clients regardless of location.
10. How do I get started?
Contact us to schedule your free consultation. We’ll discuss your fixed asset verification and asset control needs, assess your situation, and provide recommendations for how we can help.
Contact Us
Know what you own, protect what you have, and optimize what you use. Let us build a partnership that gives you complete visibility and control over your fixed assets.
Schedule Your Free Consultation to discuss your fixed asset verification and asset control needs and explore how we can help.
Phone: +234 802 320 0801, +234 807 576 5799
Email: info@qeeva.com
Address: 5, Ishola Bello Close, Off Iyalla Street, Alausa, Ikeja, Lagos, Nigeria
Business Hours: Monday to Friday, 8:00 AM – 6:00 PM WAT