Fixed Assets Audit Services

What are Fixed Assets?

Fixed assets, also known as non-current assets, are integral components of a company’s operational infrastructure, acquired with the intention of facilitating the production or provision of goods and services. These assets are distinct from those held for sale in the regular course of business and are expected to remain in use for an extended period, typically spanning more than one accounting period. Common examples of fixed assets include property, plant, equipment, and intangible assets like patents or trademarks. Their enduring nature underscores their strategic importance, as they contribute to the organization’s long-term capabilities and functionality. Proper management and accounting for fixed assets are crucial to ensure accurate financial reporting and effective decision-making within the business.