Advantages of fixed assets register, Auditing

Assignment Help:

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.


Related Discussions:- Advantages of fixed assets register

Responsibilities of the auditor, Responsibilities of the Auditor The Au...

Responsibilities of the Auditor The Auditor has no duty for the prevention and recognition of fraud and error though the annual audit might act as a restraint. As explained

Non-adjusting events - audit process, Non-Adjusting Events - Audit Process ...

Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o

Financial instruments - ias 32 and ias 39, Financial Instruments - IAS 32 a...

Financial Instruments - IAS 32 and IAS 39 IAS 39 and IAS 32 are examinable to the extent such they deal along with the presentation and measurement of equity, debt or else con

Examples of specialists, Examples of Specialists Examples of specialis...

Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,

Describe the concept of internal control, You have been appointed as an Int...

You have been appointed as an Internal Auditor in an organisation . As part of your duties, you are required to provide training to the staff in the internal audit division. Your f

Explain how to do an internal audit effectively, With internal audit we alw...

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.

Introduction to EDP auditing, types of EDP accounting system and impact of ...

types of EDP accounting system and impact of EDP accounting controls

Fairness - auditing, Fairness -  Auditing The word fair can have the ...

Fairness -  Auditing The word fair can have the following meanings:  on the other hand clear, plain and distinct and on the one impartial, equitable and simple.  When fair is

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd