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
Explain the purpose and content of a statutory audit report. Explain what recommendations you would make to the case study business Statuary and Non- Statuary audits In

Auditors Procedures - Audit Process The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever inclu

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

Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern

The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del

how to calculate materiality given the acoountin period information

Liability to third parties For long time liability to third parties existed only in respect to physical damage. Liability for financial loss is a current development.  Illustra

challenges facing sasini company"s audited statements

With internal audit we always require to be careful of any manipulations within the company itself. Errors & frauds within the company cannot be denied /overlooked at any cost.

Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates