Ghost assets are items still recorded on the books that no longer exist or cannot be found. Nicetags Solutions sees them in almost every first verification, and they quietly cost Kenyan businesses money every year.
Ghost assets are items still recorded on the books that no longer exist or cannot be found. Nicetags Solutions sees them in almost every first verification, and they quietly cost Kenyan businesses money every year.
You may pay to insure equipment that was scrapped or stolen years ago.
Overstated assets mislead lenders, investors and boards.
Service contracts may still cover equipment that is gone.
Capital allowances may be claimed on assets no longer in use.
Very common, especially in organisations that have not verified in several years. Disposals, thefts and transfers often go unrecorded. The first verification after a long gap usually reveals a meaningful number of register lines with no matching physical item.
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