Fixed Asset Management

Overview

Fixed asset management is a process where corporations manage their fixed asset by tracking them for accounting, maintaining and safeguarding objectives. Fixed asset management services in Saudi Arabia is made of policies, procedures, and techniques, which provide corporations a clear view of their asset›s value, cost, condition, location, and improve operational efficiency. It applies to all kinds of assets.

Having asset management frameworks, policies and procedures in place will contribute to better utilization of the economic life of the asset and assist the organization in meeting customer demands, operational and financial planning, client expectations, and improving the safety and security of assets.

It is noteworthy that a royal decree (No.13059) has been issued in Saudi Arabia dated 16 Rabi al-Awwal 1438AH (15 December 2016), which requires all governmental institutions to convert their accounts from cash basis to the accrual basis of accounting using IPSAS Standards. This transition will require all governmental entities to recognize, record, tag, and value their assets to record them as assets and related expenses as per the accrual basis of accounting.

How we can help?

Experts at ECOVIS Al Sabti will utilize their experience and knowledge to assist clients with the management of fixed assets. Our experts have detailed knowledge and updates about local requirements gained their wide range of experience in the same field with several governmental agencies in Saudi Arabia. Following are the key services offered:

  • Fixed assets policies and procedures

  • Fixed assets accounting and register

  • Fixed asset counting

  • Fixed assets Tagging

  • Fixed assets valuation

  • Training

  • Criminal law

  • Conduct of cases

  • commercial and corporate law

  • private international law

  • advice on initial public offering

  • national and international contract law

  • competition law

  • company incorporation

  • industrial property protection

  • law due diligence

  • matters of management, executive and supervisory board

  • advice on purchase and sale of companies, mergers, joint ventures, management buy-outs and buy ins

  • labour law

  • family law

  • national and international inheritance law

  • insolvency law

  • planning laws and building regulations/real estate law

  • criminal law

  • conduct of cases

  • advice on restructuring
  • outsourcing
  • interim management
and much more
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Specialist People and Skills Within internal audit in the region, we have specialist industry teams lead by SMEs
Focus on specific key business drivers and risks as well as insights on leading practices
Value for Clients Each industry team includes specialists for respective industry, and not generalist
⦿ ⦿
Fastly Growing IA Practice We have the one of the fastest growing IA team in the region A consistent locally available and scalable team Value for Clients Our auditors are full-time permanent staff, not temporary contractors ⦿ ⦿ We have right mix of bilingual professionals at all levels ⦿ Approach & Methodology Our approach and methodologies are at par with international standards and uniformly understood and implemented by our staff Continuity and best in class knowledge transfer to your people Value for Clients ⦿ Technology & Data Analytics Our professionals use state of art technology to analyze data that contributes in intelligent auditing rather than random sampling A more comprehensive audit and work-product Value for Clients ⦿ Global Reach Being a global firm, we have privileged access to global knowledge base and industry best practices Knowledge of hot topics and best practices in the industry Value for Clients ⦿

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