Advantages of fixed assets register, Auditing

Advantages of Fixed Assets Register

There are several advantages if the register properly maintained:

a) There is an independent record of all fixed assets showing particularly their position and the internal control over fixed assets is strengthened.  This record can be separately checked to the assets themselves on a periodic foundation.

b) Accurate depreciation records can be sustained for every asset.

c) It assists the auditor in examination the existence and completeness of the assets, it would be mostly impossible to do this from the common ledger.

d) It gives a good record for tax purposes in calculations of wear and tear.

Posted Date: 1/25/2013 2:01:24 AM | Location : United States







Related Discussions:- Advantages of fixed assets register, Assignment Help, Ask Question on Advantages of fixed assets register, Get Answer, Expert's Help, Advantages of fixed assets register Discussions

Write discussion on Advantages of fixed assets register
Your posts are moderated
Related Questions
Will I be able to download immediately once I purchase this assignment?

Plant and Machinery - Valuation and Authorization Valuation Valuation is at depreciated historic costs.  Auditor's duty is to make sure that the accounting policy for dep

what is the impact of judgemental sampling on the quality of a financial report


Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:


Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per

The first work you do in IDEA IS SECTION 2.5. The accounts receivable folder that you are instructed to select on page 25 is a folder that you are to create previously on page 23.

List the internal controls that should be in effect solely because a EDP system is employed, classifing them as (1) Those controls pertaining to input of information and (2) All ot

Judgmental Sampling Judgment sampling is where the auditor using his own experience and knowledge of the client's business and circumstances selects the sample to be tested wi