Physical Verification of Fixed assets
All fixed assets shall be physically verified based on a two year cycle count basis. The schedule and dates for physical verification of fixed assets shall be circulated in advance by the Financial Accounting manager. All functions shass co-ordinate with the accounting team to facilitate the verification. The objective of the verification is to assess the physical presence and working condition of the fixed assets. The results of the verification shall be summarized and all adjustments arising out of the verification shall be recorded after approvals according to the authority matrix.