A fixed asset audit is important to adhere and comply for businesses to meet regulatory requirements. The organizations will provide their financial statements based on Generally Accepted Accounting Principles (GAAP). All businesses or companies must strictly follow the guidelines of the government with regard to their financial statements and audit procedures shall ensure that the financial statements provided are free of discrepancies. This audit may help your company identify any issues or inconsistencies, find out invalid transactions which may help the company to rectify asset valuations which are not complied. These kinds of audits protect the organizations or companies from risk and violation of non-compliances. This Audit is very useful for the companies to get appropriate reports of their fixed assets. The steps to be taken in a fixed asset audit are: Identify the items to be audited, review regulations, and determine audit type, review and repair discrepancies.