Run a physical verification campaign
Overview
Physical verification confirms that each asset exists, is where the register says, and is held by the right person. It is done in campaigns: plan, count, reconcile, sign off. The results feed the CARO 2020 clause 3(i)(b) reporting.
1. Plan the campaign
Web: open Verification › Verification Campaigns and create a campaign. Desktop: Verification › Create Campaign…. The wizard has five steps:
- Basics: name, financial year, start and end dates, the "register as of" date and instructions for verifiers.
- Scope: branches, locations, departments, categories and asset statuses. Optionally a minimum cost, only assets never verified, and a sample instead of a full count, with assets above a cost always included. The scope preview shows the number of assets, cost and NBV.
- Method & rules: for example Blind count, where verifiers do not see the expected location and custodian.
- Teams (web: Auditors & teams): who counts which branches, locations or departments.
- Review: create the campaign. On the web it is created as a draft; counting begins when you click Start counting on the campaign page.
2. Count
Web: open Verification › Verification Workspace.
- Choose the campaign, then where you are.
- Scan each label. A USB or Bluetooth scanner types into the box; press Enter. You can also type a tag, asset code or serial number, or use Scan with camera where your browser and device support it.
- Confirm the result, and record condition, location, photos or a signature when the rules ask for them. Quick scan records clean matches immediately; anything unusual still asks you to confirm.
- If an expected asset is not there, use Mark not found and say where you looked.
The workspace shows progress for the location and the campaign. Counts that clash are never overwritten silently: they go to a conflict queue for a reviewer.
Desktop: open Verify & Count (Ctrl+Shift+V), choose the campaign and team, set where you are counting (or scan the location label on the door), then scan with a USB scanner or webcam, or use Manual Entry. Press Enter to record. Green with a beep means recorded; amber means you need to decide; red means a conflict, unknown item or disposed asset. Counting needs a connection to the server; counts are not stored offline.
Where scanning is not practical, the desktop campaign page can export count sheets (Excel or PDF) and import them back after counting.
3. Reconcile
When counting is finished, close counting and work the discrepancies: missing assets, assets found elsewhere, custodian mismatches, damaged, unidentified and duplicate items. For each, choose an action such as creating a transfer, confirming the register is right, marking the asset missing, raising a maintenance request, proposing a write-off, or raising an audit exception. On the web these queues are under Reconciliation, Missing Assets, Location Mismatch and Discrepancies.
You can create a re-verification campaign from the discrepancies.
4. Sign off
When the unresolved discrepancies are within tolerance, click Submit for sign-off. Each signer reviews a frozen summary and signs. A signed-off campaign is closed and cannot be changed. Photos, statements and signed copies are kept in the Evidence Vault.
The materiality thresholds and other verification defaults await confirmation by a Chartered Accountant. Agree them with your auditor.