Information in the fixed assets register, Auditing

Information in the Fixed Assets Register

The register can obtain the following information:

i. Fixed asset number.

ii. The cost and the date of purchase.

iii. Description and Nature of the asset.

iv. Fixed asset location and responsibility for custody

V. The residual value and the estimated needful life and.

vi. The accounting policy for depreciation.

vii. The net book value and accumulated depreciation.

viii. The loss or gain on disposal.

ix. Capital allowances.

Whenever the fixed register is reconciled to the common ledger the auditor can verify the asset for physical existence through reference to the numbers and locations recorded.

Posted Date: 1/25/2013 2:02:27 AM | Location : United States







Related Discussions:- Information in the fixed assets register, Assignment Help, Ask Question on Information in the fixed assets register, Get Answer, Expert's Help, Information in the fixed assets register Discussions

Write discussion on Information in the fixed assets register
Your posts are moderated
Related Questions
Seek Out Transactions with Related PartiesĀ  Within the course of the audit, the auditor carries out process that may identify the existence of transactions along with related

Question: Part A (i) Describe audit sampling. Why do auditors sample instead of examining every transaction? (ii) List the four factors that enter into the sample size


Capital allowances vs. Depreciation Whether the client can prove such they will keep the existing levels of investment in original terms, then there may be justification to ac

example of it security policies in Hardware

Simple Plans - An employer can adopt a simplified retirement plan known as a SIMPLE Plan (Savings incentive match plan for employees) if it has fewer than 100 employees that receiv

YvesLaurent has just been put in charge of the BeautyNatural Inc. audit.BeautyNatural is a small, but growing retail chain of natural cosmetics stores. BeautyNatural needs to borro

Disclosures about Inventories - IAS 2 IAS 2 specifies disclosures about inventories. In a large manufacturing company, no article in the balance sheet appears verification

Part A: What are the five inter-related components of internal control? Briefly discuss them. Part B: A file maintained by the Accounts Department for one of Sharp's s

An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke