Fixed Asset Sighting Report Procedures

Current Process

1. FA team will extract the list of fixed assets subject for physical verification and prepare the
necessary count sheets.
2. For the Tools & Equipment categories, FA team will inform the GSE Department that they will
conduct a physical verification and will ask the assistance from them.
3. If there is available GSE staff, the physical count will pursue. If none, FA team need to reschedule
it.
*Problems encountered:
a. Physical count takes too long because there are times that GSE staff are busy.
b. Some of the items subject for count are out for calibration or Aircraft Mechanics are using
them.
c. FA team cannot do the physical count alone because most of the items are not familiar
and the assets are kept at the secured place.
4. After a period of time in counting the assets, FA team will prepare the Fixed Assets Sighting Report
subject for the approval of the respective managers.

Proposal

1. FA team will prepare the count sheets for the Tools & Equipment subject for physical verification.
2. FA team will inform the GSE & Tools Head of Department (HOD) about the upcoming physical
count. And FA team will forward to them the prepared count sheets (in lined with the Finance
Manual 3.2.9.3).
3. GSE staff will count all the list of assets in the count sheets. Put the necessary remarks and counter
signed every page of the count sheets.
4. FA team will also conduct a random sampling on the items counted to ensure also that the count
has been properly done. After the count, GSE staff will submit the count sheets to FA team to do
the necessary reconciliation.
5. After the reconciliation, FA team will prepare the Fixed Assets Sighting Report subject for the
approval of the respective managers.