Insurance Fixed Asset Reconciliation | Experience
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Financial Services · Fixed Asset Reconciliation

Corporate Headquarters Fixed Asset Reconciliation for Fortune 100 Insurance Company

Comprehensive fixed asset reconciliation across corporate headquarters campus and 38 regional offices for a Fortune 100 insurance company, identifying $8M in ghost assets and improving financial reporting accuracy.

Locations
39 Offices
Team Size
52 Professionals
Duration
11 Months
Asset Value
$340M+
The Challenge

Outdated Asset Records Threatening Financial Reporting Integrity

The Fortune 100 insurance company had accumulated years of fixed asset record discrepancies across its corporate headquarters campus and 38 regional offices, creating significant financial reporting risks and audit concerns.

Ghost Assets on Books

Thousands of assets remained on the financial register despite being disposed, relocated, or retired years earlier, inflating the balance sheet by an estimated $8 million and distorting depreciation expenses.

SOX Compliance Risks

External auditors flagged material weaknesses in fixed asset controls, requiring immediate remediation to maintain SOX compliance and avoid regulatory penalties.

Multi-Location Complexity

Assets spread across a 12-building corporate campus and 38 regional offices in 22 states, with no standardized tracking procedures or consistent asset identification system.

Tax Position Exposure

Inaccurate asset records led to incorrect property tax filings across multiple jurisdictions, creating potential tax liability exposure and overpayment of personal property taxes.

Insurance Corporate Headquarters
47,000+
Assets Reconciled
Our Solution

Comprehensive Fixed Asset Reconciliation Program

We deployed a systematic reconciliation approach combining physical verification, financial record analysis, and technology-enabled tracking to establish complete asset accountability.

Physical Verification

Conducted wall-to-wall physical verification across all 39 locations, scanning and documenting every fixed asset including furniture, fixtures, IT equipment, leasehold improvements, and specialized insurance processing equipment.

Asset Tagging

Applied tamper-evident barcode asset tags to all verified assets, establishing a standardized identification system across the enterprise. Implemented dual-tag strategy for high-value items with both barcode and RFID tags.

Register Reconciliation

Performed detailed reconciliation between physical findings and the financial asset register, identifying ghost assets, unrecorded additions, misclassified items, and incorrect depreciation schedules requiring adjustment.

SOX Remediation

Developed comprehensive documentation and control procedures addressing all material weakness findings. Established ongoing verification protocols and segregation of duties for asset management processes.

Tax Optimization

Reviewed property tax filings across all 22 states, identifying overpayments and filing corrections. Established accurate asset-by-location reporting to support future property tax compliance and optimization.

ERP Integration

Cleansed and updated the SAP fixed asset module with verified data, establishing accurate asset master records, corrected depreciation schedules, and automated reporting capabilities for ongoing management.

Financial Review Meeting
Results Achieved

Complete Asset Accountability and Audit Remediation

The reconciliation program delivered comprehensive results, resolving all audit findings and establishing a foundation for sustainable asset management.

$8M in Ghost Assets Identified

Removed 4,200+ ghost assets from the financial register, correcting the balance sheet and eliminating $8 million in phantom depreciation expenses.

100% SOX Compliance Achieved

All material weakness findings remediated with comprehensive controls and documentation. Subsequent audit resulted in clean opinion with no findings.

$2.4M Property Tax Recovery

Identified and recovered $2.4 million in property tax overpayments across 22 states through corrected asset-by-location reporting and amended filings.

60% Audit Prep Time Reduction

Established sustainable asset management processes reducing annual audit preparation time by 60% and enabling real-time asset visibility for financial reporting.

"The fixed asset reconciliation CPCON performed identified $8M in ghost assets on our books, significantly improving our financial reporting accuracy and tax position. Their thoroughness and professionalism were outstanding."

VP of Finance
Fortune 100 Insurance Company

Project by the Numbers

Comprehensive fixed asset reconciliation across the enterprise

47,000+
Assets Reconciled
$340M+
Asset Value
99.6%
Accuracy Rate
39
Locations
$8M
Ghost Assets Removed
$2.4M
Tax Recovery
22
States Covered
60%
Audit Prep Reduction

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