Overview #
An audit discrepancy is recorded when a physical asset or its circumstances do not match the information held in AssetIQ.
After an audit is submitted, authorised users should review each discrepancy, investigate its cause and determine whether the asset record or another business process needs to be updated.
Important: A discrepancy should not be resolved solely to complete the audit. Confirm the correct information before changing an asset record.
What is an audit discrepancy? #
A discrepancy is any difference identified while comparing a physical asset with its AssetIQ record.
Examples include:
- An asset cannot be located
- An asset is found at a different location
- The assigned user or custodian is incorrect
- The serial number does not match
- The recorded status is outdated
- The asset is damaged or no longer operational
- The asset label or QR code is missing
- An asset is found but does not exist in the asset register
- Verification could not be completed
- Required asset information is missing
The types of discrepancies available may depend on your organisation’s AssetIQ configuration and audit procedures.
Who should review discrepancies? #
Discrepancies should be reviewed by an authorised user who understands the relevant assets and business processes.
Depending on your organisation, this may be:
- An asset manager
- The audit owner
- A location or site manager
- A department manager
- An AssetIQ administrator
- Another nominated reviewer
The reviewer should have sufficient authority to investigate the issue or assign corrective actions to the appropriate person.
Open the completed audit #
- Sign in to AssetIQ.
- From the sidebar, open Asset Audits.
- Find and open the submitted or completed audit.
- Review the audit summary.
- Locate the section containing discrepancies, exceptions or unsuccessful verification results.
If filters are available, use them to display only assets that require attention.
Review the audit summary #
Before reviewing individual discrepancies, check the overall audit results.
Review information such as:
- Total assets included in the audit
- Assets successfully verified
- Assets with discrepancies
- Assets that could not be located
- Assets that could not be verified
- Incomplete audit items
- Notes or evidence submitted by the auditor
This provides context for the audit and helps identify patterns that may require broader investigation.
Review an individual discrepancy #
For each discrepancy:
- Open the affected asset or audit line.
- Review the result recorded by the auditor.
- Read the auditor’s notes.
- Review photographs or attachments, where available.
- Compare the finding with the current AssetIQ asset record.
- Check the asset’s location, status, assignment and other relevant information.
- Determine whether further investigation is required.
- Record or initiate the appropriate follow-up action.
Review discrepancies individually. Different assets may require different corrective actions even when they have the same discrepancy type.
Investigate the discrepancy #
Before changing the asset record, confirm what happened.
The investigation may include:
- Contacting the auditor
- Contacting the recorded asset custodian
- Checking transfer or assignment records
- Confirming whether the asset was moved
- Reviewing maintenance or work-order information
- Checking whether the asset was retired or disposed of
- Checking other sites or storage locations
- Comparing the the serial number or asset label
- Conducting a second physical check
- Reviewing available supporting evidence
Document the investigation according to your organisation’s procedures.
Common discrepancy scenarios #
Asset found at a different location #
Confirm whether the asset was formally transferred or moved temporarily.
If the physical location is correct and the AssetIQ record is outdated, update the location using the approved asset-management process.
Incorrect asset assignment #
Confirm who currently has responsibility for the asset.
If the assignment has changed, use the authorised assignment or transfer process instead of editing unrelated asset information.
See Assign an Asset for guidance.
Asset not found #
Do not immediately classify the asset as lost or disposed of.
First:
- Confirm that the correct location was searched.
- Contact the assigned user or responsible team.
- Check whether the asset was transferred, repaired, rented or stored elsewhere.
- Review recent transactions or activity.
- Arrange another physical check if required.
- Escalate the issue according to your organisation’s procedures.
Incorrect asset details #
Compare the physical asset with available supporting records such as purchase documents, manufacturer labels or previous asset information.
Only update the record after confirming the correct details.
Damaged or non-operational asset #
Record the physical condition and follow the relevant maintenance, fault-reporting or retirement process.
An audit finding should not replace a work order or other operational process where one is required.
Missing or unreadable QR code #
Confirm the asset using another identifier. Once the asset has been verified, generate or replace its QR-code label if authorised.
Unrecorded asset found #
Confirm that the asset belongs to your organisation and check whether it already exists under another identifier.
If it is genuinely missing from the asset register, follow the approved asset-creation process.
See Add Your First Asset.
Determine the corrective action #
After completing the investigation, the appropriate response may include:
- Updating the asset location
- Correcting asset information
- Updating the asset assignment
- Changing the asset status
- Replacing an asset label or QR code
- Creating a maintenance work order
- Performing another physical verification
- Escalating a missing asset
- Adding an unrecorded asset
- Taking no action because the existing record is correct
The reviewer should record why the selected action was taken, especially when it changes an important asset record.
Resolve or close the discrepancy #
If AssetIQ provides a discrepancy-resolution action:
- Open the discrepancy.
- Confirm that the investigation is complete.
- Enter the resolution or reviewer comments.
- Select the appropriate resolution result.
- Save the changes.
- Confirm that the discrepancy’s status has been updated.
Do not mark the discrepancy as resolved until the agreed corrective action has been completed or formally accepted.
If AssetIQ does not provide a separate resolution status, follow your organisation’s process for recording the outcome and updating the related asset.
Confirm the asset record #
After corrective action has been completed:
- Open the affected asset.
- Confirm that the approved changes are visible.
- Check that no incorrect information was introduced.
- Review the audit result and resolution notes.
- Confirm that the discrepancy has been appropriately addressed.
Updating an audit result does not necessarily update the master asset record automatically. Check both records where required.
Identify recurring issues #
After reviewing all discrepancies, look for patterns such as:
- Multiple assets recorded at the wrong location
- Frequent assignment errors
- Missing QR-code labels
- Incomplete asset descriptions
- Large numbers of assets that cannot be found
- Repeated discrepancies within one business unit
- Transfers that were not recorded promptly
- Master-data values used inconsistently
Recurring issues may indicate that a process, training or data-quality improvement is required.
Common issues #
The discrepancy details are incomplete #
Contact the auditor for additional information before deciding on corrective action.
The asset record cannot be edited #
Your role may not have the required permission, or the field may need to be updated through another AssetIQ process. Contact your administrator or asset manager.
The discrepancy cannot be marked as resolved #
Check whether required comments, evidence or actions are missing. Your role may also lack resolution permission.
The asset remains missing #
Escalate the issue according to your organisation’s missing-asset or loss-management procedure. Do not delete the asset merely because it could not be located during one audit.
The auditor selected the wrong result #
If the audit has already been submitted, contact the audit owner or AssetIQ administrator to determine whether the result can be corrected or the asset must be reverified.
Recommended practices #
When reviewing audit discrepancies:
- Review findings promptly after submission
- Investigate before changing asset records
- Use available evidence to support decisions
- Record clear resolution comments
- Follow approved transfer and assignment processes
- Avoid deleting missing assets
- Confirm changes in the master asset record
- Escalate unresolved issues
- Analyse recurring discrepancies for process improvements
Next steps #
After reviewing and resolving the discrepancies:
- Export Asset Audit Results
- Review the corrected asset records
- Retain audit evidence according to your organisation’s policies
- Schedule a follow-up audit when additional verification is required
For related guidance, see:
