‘As Is’

Fixed Assets-Process Over View

Start

Fixed Assets -Acquisition (Page 1)

Performed by : Various
. Quotation analysis
. Issuance of Purchase Order SUN
. Approval of Purchase Order

Fixed Assets -Fixed Assets Register (FAR) (Page 2 & 3)

Performed by : Various
. Maintenance of FAR
. Accounting Treatment as per Law SUN
Process Over View

. Physical Verification and Tagging

Fixed Assets -Disposal (Page 4)

Performed by : Finance Team
. Approval of Refund amount SUN
. Approval of Financial Controller

END

0
India Corporate Office Fixed Assets 2020
Acquisitions

No
Vendor selected
HoD reviews CAPEX Minimum three Comparative Is and approved
Request is Sent
requirement and alternative analysis of the Comparative quotation with
START for quotations to Yes
validates against CAPEX quotations received quotations is Analysis other supporting’s
IT Department

Vendor
budget from Vendors prepared approved? sent to Finance
FA.1.1 Team
FA.1.1 FA.1.2 FA.1.2

Invoice received is Approved invoice

Receives PO and
verified against PO along with asset
places an order
and asset is issue form is sent
with the vendor
received to Finance Team

Finance Team calculate the

Finance Team

JV entry is passed in the GST Input at the time of

Scanned copy of
PO is sent to system and sends for review to preparing the JV
PO is made on the the PO is sent to
Finance Controller Invoice is received Finance Controller (asset issue
basis of approved IT Department and
for review and and stamped date as per asset issuance
quotation files the
approval form is taken as capitalization
supporting’s
date)
SUN

No
Finance Controller

Yes

PO is signed and
Is PO Receives copy of JV and Is entry
No Yes sent to Finance A
approved? reviews the entry booked in voucher
Team
system approved?
FA.1.3 FA.1.3

FA.1.4 FA.1.5
FA.1.4 SUN
FA.1.5

3
India Corporate Office Fixed Assets 2020
Fixed Asset Register

Depreciation is calculated as
A per the Companies Act, 2013
Asset JV posted into B
system and FAR excel
sheet is updated with
requisite details

Changes Basis of approved

Prepares the depreciation FAR JV posted
Finance Team

Incorporated
computation into FAR into system
along with JV in excel and
sent to Financial
Controller for review
No
Excel

Yes
No
Yes
Finance Controller

Receives and reviews

Receives and reviews Is FAR Is JV
the JV posted into
the reconciliation aproved? approved?
system

FA.1.9
FA.1.9

2
India Corporate Office Fixed Assets 2020
Fixed Asset Register
Finance team

Asset inventory is Prepares the Post the asset

prepared by IT with reconciliation adjustment entries
B Receives the END
details like A between physical into FAR vs GL and
model,serial no.asset Report verification report File the documents
custodian etc. vs FAR (GL)
FA.2.4 Share
FA.2.1 FA.2.4 Drive
FA.2.1

Hilton Worldwide-India
Physical conduct the Physical
Third Party

Verification is Verification after every 3

Vendor

conducted and years from Third Party

shares the report Vendor

Reviews the
Controller
Financial

Receives and reconciliation and

A
reviews the Report suggest the
changes
FA. 2.2 FA.2.3
FA.2.2 FA.2.3

3
India Corporate Office Fixed Assets 2020
Disposal

Comparative
IT Department

HoD reviews and Vendor is selected

Request is sent for Quotations Analysis of the Assets handed
approves the and supporting are
START Quotations to received from quotations over to the
quotation of the shared with
Customers Customers received is customer
selected vendor Finance Team
prepared
FA.3.2
FA.3.2
Customer
Selected

Request for asset

purchase is
received

Sends all the

Finance Team
documents like Journal entry is recorded for
receives the
Finance Team

quotation, IT HOD sale of asset in SUN and Files the

approval and No END
approval for asset FAR is updated for the documents
sends to IT
disposal etc. for Disposal
department
approval
Journal entry for the sale of
asset is prepared
considering the WDV of the
asset. Depreciation is
computed till the date of
disposal and Profit / Loss is
recorded on the sale of
asset.
Yes
Controller
Financial

Reviews and
Receives and reviews entries Is entry
approves the asset
passed in the books and FAR approved?
disposal via email

FA..3.3 SUN
FA.3.3

4
Process Flow Legends

Start/End Terminal Key Control

Non Key Control

Process Step/Key
control

Risk cross -Reference

Process Step/ Non

Key control

On/Off-Page
Connector
LEGENDS

Reference to other
process Database/System

On-Page Documents
Connector (Excel , E-mails etc)

Electronic Audit Evidence

EAE (EAE)

Direction of Flow

KAC Key Application Control

Yes Yes/No Decision

Financial Design Gap

No

Data File (Data

Feed/File from Operational Design Gap
system)