– Purchase of a tangible fixed asset should be authorized by one person.
– Once acquired, there should be limited access to the asset i.e. only authorized personnel can gain access or use the equipment.
– Ensure asset is kept in good condition, repaired if needed and consistent depreciation methods applied.
– Ensure any transaction with respect to acquisition, disposal or modification of an asset is fully/completely recorded.
– Periodic comparison of recorded assets with existing assets.
– Ensure financial reporting frameworks and guidelines are followed in the disclosure and presentation of assets.
Wilfykil answered the question on February 22, 2019 at 11:23
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Explain the assurances that an auditor seeks to obtain in the audit of tangible fixed assets.
(Solved)
Explain the assurances that an auditor seeks to obtain in the audit of tangible fixed assets.
Date posted:
February 22, 2019
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With reference to each of the matters listed below, state the work you would do to conclude whether the amount attributed to stock is fairly stated.
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February 22, 2019
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Outline the audit work you would undertake to obtain reasonable assurance that the following items appearing in the balance sheet of Ujuzi Ltd. are not...
(Solved)
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Date posted:
February 22, 2019
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Answers (1)