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

Documentation of representations by management, Documentation of Representa...

Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or

Auditor''s duties - audit of current assets, Auditor's Duties - Audit of Cu...

Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

Evaluate the audit risk faced by each department, Problem: You are an a...

Problem: You are an auditor of a company which operates three large departmental stores at Grand Bay, Port Louis and Tamarin. You are preparing your audit plan and you are p

Inter-related components of internal control, Part A: What are the five...

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

Examples of liabilities, Examples of Liabilities Examples of those lia...

Examples of Liabilities Examples of those liabilities are: a) Claims by employees for injury at work such should be covered through workman's compensation; b) Claims thr

General verification procedures - audit process, General Verification Proce...

General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a

Attempts at definition of the ''true and fair'' view, Attempts at definitio...

Attempts at definition of the 'true and fair' view There following quotations represent authoritative views on the meaning of true and fair view. A true and fair view impli

Accounting principles and policies, Accounting Principles and Policies ...

Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be

Communication with expert, Communication with Expert Whether the audit...

Communication with Expert Whether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance to confirm the terms of e

What ethical and economic issues did the auditors consider, Blowing the Whi...

Blowing the Whistle on Former Partners On St. Patrick's Day in 1992, Chambers Development Company, one of the largest landfill and waste management firms in the United States, a

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