A publicly listed Islamic local bank initiated asset tracking project for audit purpose and match with their accounting books to calculate the depreciating value of each assets.
These assets were scattered across the emirates (Abu Dhabi, Dubai, Sharjah, Al Ain, Ajman, Ras Al Khaimahand other) with no inventory or identification of type of assets and count at each location. Client had a out dated master asset database, due to which compliance was not met and prior to the final audit action was to be taken.
A team was mobilized to visit each of the37 locations to tag ad identify 150,000 assets all types including clicking photos of assets to determining its condition.
A final report with the below details was submitted to the client
- A list of all missing asset as per the client’s Master list
- A list of excess asset as per the client’s master list
- A list of all found / reconciled assets as per the client’s master list
- Savings by reduction in Asset Insurance for obsolete, missing, damaged, broken etc