Information in the fixed assets register, Auditing

Assignment Help:

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.


Related Discussions:- Information in the fixed assets register

Measures taken by the individual auditor, Measures To Be Taken By the Indiv...

Measures To Be Taken By the Individual Auditor Proper recruitment and training of all staff; Allocating staff to particular audits where they have the appropriate skills;

General phases of control evaluation, General phases of control evaluation ...

General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o

When does an audit trail start, Question: Explain the type of audit con...

Question: Explain the type of audit conducted by the sponsor when he suspects or comes to know that the site will be audited by FDA. A Mention type of audit conducted by the

Audit evidence, factors that influence auditors judgement on sufficiency of...

factors that influence auditors judgement on sufficiency of audit evidence

Which represents the largest number of common shares, Q. Which of the follo...

Q. Which of the following represents the largest number of common shares? a. Treasury shares b. Issued shares c. Authorized shares d. Outstanding shares

Valuation and income - verification procedures, Valuation and Income - Veri...

Valuation and Income - Verification Procedures Valuation Valuation of listed securities is easily conformed along with suitable financial publications. Directors' valua

Detail work on stocks - audit of current assets, Detail work on stocks - Au...

Detail work on stocks - Audit of Current Assets Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these includ

What method would you use to test an individual account bal., You are audit...

You are auditing the accounts receivable balance of a cable television provider. Individual accounts receivables tend to be similar in amount to each other and cover one or two mon

Auditor, auditor is a watch dog not a blood hound

auditor is a watch dog not a blood hound

Memo 2, Mr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem, & Howe ...

Mr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH), after noting that there is a proposal to limit Auditor liability is very excited and has announced that th

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