Performing an Audit or Creating an Asset Register

Carrying out an audit is a crucial step in effective asset management.

To ensure a seamless audit process it’s important to have a clear plan in place. In this comprehensive guide we will provide you with valuable insights on how to break down your assets, efficiently log them and leverage the resulting information for financial and technical planning.

By following our top tips below you’ll be able to streamline your audit process and maintain an accurate asset register.

When conducting your audit, it’s essential to determine how you will break down your assets. This could involve categorising them by type (PCs & Laptops, Lighting & Heating) or by location. By establishing a clear breakdown structure, you’ll facilitate the organisation and tracking of your assets throughout the audit process.

The method you choose for logging your assets will depend on what works best for you and your team. You may opt to log all items of a specific type at once or prefer to work from room to room or floor to floor. Whichever approach you choose, ensure that your data capture device such as a smartphone or tablet is fully charged before starting the process.

When logging each item simply record the asset details (Serial Number, Description, Location) against the pre-printed asset tags. This method enables you to easily access all the logged details by searching or calling up the asset number. Consistently logging every item is crucial to maintaining an accurate asset register.

The effort invested in logging and maintaining your asset register yields valuable insights for financial and technical planning. By keeping your register up to date you can track the issuance of laptops to personnel, record repairs or planned maintenance and gain a comprehensive view of your assets. This information empowers you to make informed decisions regarding resource allocation, budgeting and maintenance schedules.

To ensure a successful audit, remember these top tips:

  1. Take Your Time: To ensure accuracy, take your time during the audit process. Double-checking for errors will save you valuable time in the long run.
  2. Utilise Barcodes or QR codes: Incorporating QR or barcodes into your asset management process significantly speeds up the logging of asset numbers and reduces the risk of human entry errors. Barcodes can streamline the identification and tracking of assets, making the audit process more efficient.
  3. Log Everything: Maintaining a comprehensive and up-to-date register is crucial. Log every relevant event, such as asset issuances, repairs or planned maintenance. This level of detail enhances the usefulness of your register for decision-making and accountability.
  4. Back Up Your Data: Safeguard your asset register by regularly backing it up. Having both on-site and off-site backups ensures that in the event of loss or damage, you can quickly provide accurate information to your facilities management team, the police or insurance companies (in case of theft or loss).

By following the steps outlined in this comprehensive guide you can streamline your audit process, enhance asset management and leverage valuable information for financial and technical planning. Remember to break down your assets effectively, log them efficiently using barcodes if possible and maintain an accurate and up-to-date asset register. With these practices in place, you’ll have a clear picture of your assets, optimise resource allocation and ensure effective decision-making for the future.