Printable checklist

CARO 2020 fixed-asset checklist

Clause 3(i) of the Companies (Auditor's Report) Order, 2020 as a working checklist for management and audit teams: what each sub-clause asks and the evidence to keep.

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Entity
Financial year
Prepared by / date
Reviewed by / date

A. Records of property, plant and equipmentClause 3(i)(a)(A)

#	Check	Evidence to keep
1	A fixed asset register is maintained for all property, plant and equipment, including right-of-use assets.	Register extract as at the year end
2	Each asset shows full particulars: description, identification number or tag, date of acquisition or put to use, cost and accumulated depreciation.	Sample of register lines traced to invoices
3	Quantitative details are recorded (quantity and unit), including for items grouped on one line.	Register columns for quantity and unit
4	The situation of each asset (location, and custodian where relevant) is recorded and kept up to date for transfers.	Location and custodian columns; transfer records
5	The register agrees with the general ledger: gross block, accumulated depreciation and net block by class.	Register-to-GL reconciliation signed by the preparer

B. Records of intangible assetsClause 3(i)(a)(B)

#	Check	Evidence to keep	Yes / No / N.A.	Remarks
6	An intangible asset register is maintained with full particulars (nature, cost, date, amortisation period, accumulated amortisation).	Intangible register extract
7	Intangible assets under development are tracked separately from capitalised intangibles.	Schedule of intangibles under development

C. Physical verificationClause 3(i)(b)

#	Check	Evidence to keep
8	A written programme of physical verification exists, setting out coverage and frequency, approved by management.	Verification policy or programme
9	The programme is reasonable having regard to the size of the company and the nature of its assets, and covers all assets over the cycle.	Coverage plan by location and class
10	Verification due this year was carried out by people independent of the custodians where practicable.	Count sheets with team names and dates
11	Count results were reconciled with the register and every discrepancy listed.	Reconciliation and discrepancy statement
12	Material discrepancies were investigated, approved and properly dealt with in the books (write-off, transfer or addition).	Approvals and journal entries

D. Title deeds of immovable propertyClause 3(i)(c)

#	Check	Evidence to keep
13	Title deeds of all immovable property (other than properties where the company is the lessee under a duly executed lease) are held in the company's name.	Title deed register; copies or custodian confirmation
14	For any property not held in the company's name: description, gross carrying value, the name in which it is held, whether that person is a promoter, director, relative or employee, the period held and the reason are recorded.	Schedule matching the Schedule III disclosure
15	Deeds held by lenders as security are confirmed by the lender.	Lender confirmation

E. RevaluationClause 3(i)(d)

#	Check	Evidence to keep
16	Any revaluation of PPE (including right-of-use assets) or intangible assets during the year is identified.	Board minutes; revaluation journals
17	The revaluation is based on the valuation by a registered valuer.	Valuer's report and registration details
18	Where the change in aggregate is 10% or more of the net carrying value of a class, the amount of change is stated for that class.	Working of change by class

F. Benami property proceedingsClause 3(i)(e)

#	Check	Evidence to keep	Yes / No / N.A.	Remarks
19	Management has confirmed whether any proceedings have been initiated or are pending against the company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 and the rules made under it.	Management representation; legal register
20	Where proceedings exist, they are appropriately disclosed in the financial statements.	Draft disclosure note

Prepared by

Name

Designation

Signature

Date

Reviewed and approved by

Name

Designation

Signature

Date

Applies to companies covered by CARO 2020 (financial years beginning on or after 1 April 2021); some companies are excluded, so check applicability with your auditor. Free checklist from FixedAsset Pro.

General information, not tax or legal advice

This checklist is a working aid as at 23 October 2026. It does not replace the auditing standards, the Order's text or your auditor's judgment.