Audit library / 07 Fixed assets
Fixed Assets Audit Kit
A complete, ready-to-use audit plan for property, plant and equipment: additions, existence, depreciation, disposals and impairment. 15 procedures in 7 phases, each showing what to do, the assertion, the risk and the evidence to obtain.
- Step-by-step guide on how to use the plan
- 15 audit procedures, from planning to sign-off
- Covers additions and capitalisation, physical verification, depreciation, disposals and impairment and work in progress
- Status and result dropdowns with an automatic progress tracker
- Fillable PDF version you can complete on screen
- Full English and Arabic versions (4 files)
Preview the checklist
Here are the first procedures from the kit. Buy the kit to unlock everything.
| Ref | Procedure | Assertion | Status | Result |
|---|---|---|---|---|
| A. Planning and register | ||||
| A1 | Obtain the fixed asset register and agree opening balances, additions, disposals, depreciation and closing balances to the general ledger.Risk: Register does not support the ledger. | Accuracy & valuation | Not started ▾ | |
| A2 | Review the capitalisation policy, useful lives and depreciation methods for reasonableness and consistency.Risk: Inappropriate policies distort profit. | Accuracy & valuation | Not started ▾ | |
| B. Additions and capitalisation | ||||
| B1 | Vouch a sample of additions to invoices, contracts and approvals; check ownership documents for land, buildings and vehicles.Risk: Fictitious or unapproved additions. | Existence | Not started ▾ | |
| B2 | Check that only qualifying costs were capitalised: purchase price, directly attributable costs and borrowing costs where applicable.Risk: Expenses capitalised to inflate profit. | Accuracy & valuation | Not started ▾ | |
| B3 | Review repairs and maintenance expense for items that should have been capitalised, and assets purchased but expensed.Risk: Assets expensed and missing from the register. | Completeness | Not started ▾ | |
| C. Physical verification | ||||
| C1 | Physically verify a sample of assets from the register (existence) and trace a sample of assets seen on site back to the register (completeness).Risk: Assets missing, scrapped or not recorded. | Existence | Not started ▾ | |
| C2 | Check that assets are tagged and the register shows location and custodian.Risk: Assets cannot be tracked or protected. | Controls | Not started ▾ | |
8 more procedures are inside the full kit
Plus the step-by-step guide, dropdowns, progress tracker and the fillable PDF.
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