One-Day Practical Training Programme for Government Accountants, Auditors, Administrative Officers, and Asset Custodians
Improve Asset Control, Accountability, Compliance, and Financial Reporting
Fixed assets represent a significant investment in government institutions, ministries, local authorities, provincial councils, universities, and state-owned enterprises. Effective Fixed Asset Management is essential to ensure proper utilization, safeguarding, maintenance, reporting, and accountability of public assets.
Poor asset management often results in audit queries, asset losses, inaccurate financial statements, and inefficient use of public resources. This practical training programme provides participants with the knowledge and skills required to establish and maintain effective asset management systems in compliance with public sector requirements and accounting standards.
More Details:
Phone: 0777 889838
Why Fixed Asset Management is Important
Public sector organizations manage a wide range of assets including:
- Land and Buildings
- Motor Vehicles
- Machinery and Equipment
- Furniture and Fixtures
- Computers and IT Equipment
- Infrastructure Assets
- Specialized Technical Equipment
Proper asset management helps organizations:
- Protect public property
- Improve accountability
- Ensure accurate financial reporting
- Reduce asset losses and misuse
- Improve maintenance planning
- Support audit compliance
- Enhance resource utilization
- Improve decision-making
Who Should Attend?
This programme is ideal for:
- Accountants
- Chief Accountants
- Finance Officers
- Internal Auditors
- Administrative Officers
- Asset Management Officers
- Store Keepers
- Procurement Officers
- Directors
- Engineers
- Project Officers
- Provincial Council Officers
- Local Government Officials
- University Administrative Staff
- State Corporation Employees
Learning Objectives
At the end of the programme, participants will be able to:
- Understand the principles of fixed asset management
- Maintain accurate asset registers
- Apply asset accounting requirements correctly
- Conduct asset verification exercises
- Improve asset control systems
- Comply with audit and reporting requirements
- Reduce asset-related risks and losses
- Strengthen accountability for public assets
Course Content
Introduction to Fixed Asset Management
- Definition of Fixed Assets
- Importance of Asset Management
- Asset Life Cycle Management
- Public Sector Asset Management Challenges
- Responsibilities of Asset Custodians
Asset Acquisition and Recognition
- Asset Procurement Procedures
- Capital vs Revenue Expenditure
- Asset Recognition Criteria
- Initial Asset Valuation
- Documentation Requirements
Fixed Asset Register Management
- Purpose of Asset Registers
- Essential Information to Maintain
- Asset Coding Systems
- Asset Tagging Methods
- Updating Asset Records
Asset Classification
- Land and Buildings
- Vehicles
- Plant and Machinery
- Furniture and Equipment
- Information Technology Assets
- Infrastructure Assets
Asset Verification and Physical Inspection
- Annual Asset Verification
- Physical Asset Counts
- Reconciliation Procedures
- Verification Reports
- Identifying Missing Assets
Asset Valuation and Depreciation
- Cost Model
- Revaluation Model
- Depreciation Methods
- Useful Life Determination
- Residual Values
- Impairment Considerations
Asset Maintenance Management
- Preventive Maintenance
- Corrective Maintenance
- Maintenance Planning
- Maintenance Records
- Asset Performance Monitoring
Disposal of Fixed Assets
- Asset Disposal Procedures
- Board of Survey Requirements
- Disposal Methods
- Write-Off Procedures
- Documentation and Approvals
Internal Controls Over Assets
- Asset Security Measures
- Custody Controls
- Authorization Procedures
- Transfer Controls
- Monitoring and Supervision
Fixed Assets and Financial Reporting
- SLPSAS Requirements
- Asset Disclosure Requirements
- Depreciation Reporting
- Financial Statement Presentation
- Audit Requirements
Audit Issues in Fixed Asset Management
- Common Audit Findings
- Missing Asset Registers
- Unverified Assets
- Incorrect Depreciation
- Weak Asset Controls
- Inadequate Documentation
Practical Exercises Included
Participants will gain practical experience in:
- Preparing Asset Registers
- Asset Coding and Tagging
- Asset Verification Procedures
- Depreciation Calculations
- Asset Reconciliation
- Disposal Documentation
- Asset Control Reviews
- Audit Readiness Assessments
Common Asset Management Problems Discussed
The programme addresses common issues such as:
- Missing assets
- Incomplete asset registers
- Duplicate asset records
- Incorrect depreciation calculations
- Weak custody controls
- Unrecorded disposals
- Lack of periodic verification
- Audit observations relating to assets
- Asset misuse and unauthorized transfers
Benefits of Attending
Participants Will Learn How To:
✔ Maintain accurate fixed asset registers
✔ Improve asset accountability and control
✔ Conduct effective asset verification exercises
✔ Reduce asset-related audit findings
✔ Improve compliance with accounting standards
✔ Strengthen asset security and monitoring
✔ Enhance financial reporting quality
✔ Protect public assets from loss and misuse
Why Choose PRAG Institute?
PRAG Institute has extensive experience in conducting professional training programmes for government institutions, ministries, provincial councils, local authorities, universities, and state-owned enterprises throughout Sri Lanka.
Our programmes focus on practical applications, audit expectations, compliance requirements, and best practices that participants can immediately implement within their organizations.
Frequently Asked Questions
Is this programme suitable for officers responsible for asset registers?
Yes. The programme provides practical guidance on maintaining accurate and up-to-date asset registers.
Will depreciation and valuation be covered?
Yes. Participants will learn the key principles of asset valuation, depreciation, and financial reporting.
Is this training relevant to government institutions?
Absolutely. The content is specifically designed for public sector organizations and government asset management requirements.
Will audit-related issues be discussed?
Yes. Common audit findings and recommendations relating to fixed assets will be discussed in detail.
Register for the Fixed Asset Management Training Programme
Develop the skills needed to manage, safeguard, verify, and report fixed assets effectively while improving accountability and compliance within your organization.
Contact PRAG Institute
Phone: 0777 889838
Email: info@pragservice.com
Website: www.pragservice.com