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

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

Audit, Why is studying Auditing different from studying other accounting to...

Why is studying Auditing different from studying other accounting topics?

Audit sampling, Audit Sampling ISA 530 Audit Sampling and Other Select...

Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures defines Audit sampling is the application of a compliance or substantive procedure to less than 10

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

Liability to third parties, Liability to third parties For long time li...

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

Corporate governance, what are requirements for a company to comply with ki...

what are requirements for a company to comply with king code?

Illegal acts, ILLEGAL ACTS Auditors may uncover criminal offences commi...

ILLEGAL ACTS Auditors may uncover criminal offences committed by a client or an employee of the client. This puts them in a difficult place, though the auditor must act careful

Auditors procedures before stock taking, Auditors Procedures Before Stock T...

Auditors Procedures Before Stock Taking 1) Study of the clients stock taking recommendations and instructions for improvements or changes whether the auditor considers them in

Audit of the estimated warranty liability, Required: Describe a complete au...

Required: Describe a complete audit program for collecting relevant evidence for the audit of the estimated warranty liability. Approach: Develop specific assertions related to

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