Asset Count: This process involves tracking every fixed asset within the organization. It serves as a detective control to ensure that no assets are misplaced, stolen, or unaccounted for. An asset register is created, maintained, and updated to facilitate ongoing monitoring of the organization’s permanent assets.

Asset counts are conducted during liquidation, as part of an external audit, during transitions from manual to automated systems, when relocating offices, or during interdepartmental transfers. The general processes and documentation necessary for an effective inventory audit also apply to asset counts.