Dear Sandeep,
Ideally, Asset Register should be maintained by stores professionals. However, in India, the quality of stores professionals is so low that we cannot assign them this kind of work. If not stores, then someone else should maintain the asset register. That also does not happen.
Nowadays advanced software is available to track, monitor the company's assets. For every asset mentioned in the register, there should be a loan card. The assets that are allocated for the use of some department, i.e. computers, printers etc, HOD is responsible for their ownership. This loan card is part of their handing/taking over the process if they leave their job or go on the long assignments.
If the assets are allotted to the individuals then for each personal allocation there should be a loan card. This loan card should be renewed every quarter. They are expected to surrender when they quit their job. For those who fail to surrender, the proportionate economic value should be debited from their full and final settlement.
Companies do not maintain their assets properly because most of the companies start as private limited companies. The owner might not have worked in a professional company. Above all, there could be ego that "we are doing business for thousands of years". Secondly, the owner's relatives occupy many positions. Trust is the driving factor to occupy these positions and not necessarily professionalism. As the company grows these persons become Directors. Since the Asset register is not maintained properly, at a later stage it is given short shrift. I have seen a couple of companies when they were forced to introduce asset registers when they went public.
Your second question is about the audit of the assets. It is the job of the internal auditor to audit the company's assets. In most cases, internal auditors report to CFO or Head Finance. If an audit is not done properly then it appears that your Finance Head is also laid back. Tell CFO or Head Finance to make the duties for the internal auditor.
Your last sentence "Would appreciate it if you could kindly throw some light on this especially covering the duties in detail." is not compatible with the designation that you hold. I can understand if some HR Asst or HR Executive asks "details". A lot of discussions has happened earlier and that should be sufficient for the person of your stature. Spoon feeding would lower the dignity of your designation and we do not wish that to happen in an open forum. My comments are quite straightforward. But I feel that these are needed too.
Thanks,
Dinesh Divekar
+91-9900155394