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75. REVISION OF COSTS. ASSESSMENT OF THE INTERNAL CONTROL SYSTEM FOR DEPOSIT COSTS
Audit of depreciation costs is rarely carried out, since errors in this area are practically not found. This is primarily due to the strict state regulation of the calculation of depreciation rates for the purposes of calculating income tax and the complexity of accounting for the difference between depreciation for tax and accounting purposes.
With regard to depreciation costs, as a rule, a general check is made of the compliance of the dynamics of the total amount of depreciation with the dynamics of fixed assets.
If the analysis of the overall dynamics gives non-standard data or depreciation occupies a significant part of the expenses, a more detailed check of these amounts is carried out.
The main risks in this area are: incorrect determination of the useful life of a fixed asset;
▪ error in calculating depreciation;
▪ incorrect identification of the object, the production costs of which include the amount of depreciation;
▪ incorrect classification of the depreciation group of a fixed asset, errors in determining the start and end dates of depreciation, erroneous application of depreciation to non-depreciable objects, etc.
1. Find out from representatives of the organization being inspected how the procedure for determining the service life of the acquired fixed asset is organized, what document defines it, and what documents are created. The most unreliable way is to determine the depreciation group of a fixed asset by the accountant himself, or based on a telephone conversation with an engineer.
2. Ask for documentation indicating who is responsible for determining the useful lives of newly acquired fixed assets.
3. If possible, repeat the control procedure.
4. Formulate a conclusion about the state of internal control in this area.
Illustration. Review the list of fixed assets, select one or two “old” and one or two recently acquired fixed assets. Look at their useful life indicated in the accounting documents and how many more years they are planned to be used. Study who determined these deadlines, whether there is a signature of these persons on any document. Find out from specialists how long these fixed assets can be operated under normal operating conditions of the organization, proper inspection and maintenance. Compare the answers with the credentials. Sometimes questions arise during logical analysis. For example, when purchasing a premises, its useful life is set at 10 years, which immediately raises the question: what kind of premises is this, why can it only be used for 10 years, etc.
Repeat the depreciation calculation on the calculator, sometimes there is an error in the computer program. Find out where fixed assets are used, how their use is documented, and how you can verify that a given fixed asset was used in the production of those products whose manufacturing costs include its depreciation.
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