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56. REVISION OF FIXED ASSETS. ASSESSMENT OF THE INTERNAL CONTROL SYSTEM
1. Discuss with representatives of the audited organization how they assess the risks of misrepresentation of data on the value of fixed assets in official reporting: is it possible that the assets reflected in the accounting do not exist physically, how the inventory of structures, equipment and inventory was organized in geographically remote areas, can there be unaccounted for assets? fixed assets.
2. Discuss with representatives of the organization being inspected how they assess the organization’s provision of fixed assets, whether there are standards for provision (equipment), a capital investment budget, control over its implementation and analysis of execution.
3. Discuss with representatives of the organization being inspected what measures are taken to preserve the property, and whether an inventory number is assigned upon acquisition.
4. Study the contents of the organization’s documents regulating the procedure for the acquisition and acceptance of fixed assets, their write-off from the balance sheet and inventory.
5. Using the example of several acquired and disposed fixed assets, check compliance with the established regulations.
6. Repeat (if possible) the inventory procedure.
7. Make a preliminary conclusion about the state of internal control in this area.
Illustration. In the vast majority of cases, management representatives assure that the credentials are completely reliable. The problems discussed boil down mainly to the difficulty of registering rights to real estate. Nevertheless, such a discussion is necessary in order to be able to compare the real state of affairs with the assurances of management.
In most cases, the main measure for the safety of fixed assets is an inventory, which should be carried out at least once every three years. Ask for the latest inventory records, as well as draft records (as a rule, inventory records are not filled out immediately, but according to the data made in the places of inventory records). The legislation does not provide for the storage of draft inventories, therefore, failure to provide such draft inventories is not evidence of any violations. In the case of their provision, the degree of confidence in the internal control system is higher.
A good example is the inventory lists of real estate, equipment and vehicles.
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