Existence - plant and machinery, Auditing

Assignment Help:

Existence - Plant and Machinery

However this should generally be checked through physical inspection, so a problem arises.  Items of machinery and plant can be numerous mobile, valuable and portable.  Therefore it becomes difficult for the auditor to be assured which the value attached to machinery represents plant and plant machinery which usually exists for the balance sheet date.  Therefore we shall digress a little and think about a record which is crucial in surly the existence of fixed assets within this type and this is the fixed assets register.

The fixed asset register is an essential independent register such auditors invariably encourage their clients to continue. Since it to be a truly independent registers that the person maintaining it should have no task for:

a) Authorizing or ordering the purchase of fixed assets.

b) The custody of the fixed assets.

c) Authorizing the disposal of fixed assets.

d) Maintaining common ledger accounts.

e) Custody of readily possible assets.


Related Discussions:- Existence - plant and machinery

Internal controls, Ask Describe the weaknesses in internal control and reco...

Ask Describe the weaknesses in internal control and recommend improvements in Swan’s procedures for the purchase, receipt, storage and issue of raw materials. Organize your answer

Provision and accruals, Provision and Accruals Previous to we consider...

Provision and Accruals Previous to we consider the audit procedures along with regard to accruals and provisions, it is essential to clarify the meaning of two words in genera

Challenges facing auditing and assurance in kenya, challenges facing sasini...

challenges facing sasini company"s audited statements

Audit Plan for small service company, only needs to be 2 - 3 pages and I ne...

only needs to be 2 - 3 pages and I need help with an audit plan is to look like

Existence - plant and machinery, Existence - Plant and Machinery Howev...

Existence - Plant and Machinery However this should generally be checked through physical inspection, so a problem arises.  Items of machinery and plant can be numerous mobile

Fraudulent financial reporting, Fraudulent financial reporting Involves...

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

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

Verification procedures - long-term liabilities, Verification Procedures - ...

Verification Procedures - Long-Term Liabilities a) Received a schedule detailing the sums due at the starting of the year, redemptions and additions and the sum due at the yea

Simple trust, Simple Trust - This type of TRUST is essential to distribute ...

Simple Trust - This type of TRUST is essential to distribute all its income currently, whether or not the TRUSTEE actually does so and it has no provision in trust instrument for c

Audit report, impact on audit report of going concern

impact on audit report of going concern

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