Audit. Checking fixed assets during an audit (most important)

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Audit. Checking fixed assets during an audit (most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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44. VERIFICATION OF FIXED ASSETS DURING AUDIT

Purpose of the check:

1) studying the composition and structure of fixed assets, the conditions for their storage and operation;

2) confirmation of the reliability of the assessment of fixed assets in accounting;

3) verification of the correctness of registration and reflection in accounting, operations on the movement of fixed assets;

4) confirmation of the reliability of the amounts of accrued depreciation and depreciation;

5) establishing the volume of repairs performed on fixed assets and confirming the correctness of the results in accounting;

6) assessment of the quality of the inventory of fixed assets carried out before drawing up the annual report;

7) confirmation of the results of the revaluation, if any.

Information sources:

1) contracts for the sale of fixed assets;

2) acts of acceptance and transfer of fixed assets;

3) acts on the write-off of fixed assets and other forms of primary documents for the accounting of fixed assets;

4) registers of synthetic and analytical accounting of fixed assets;

5) main book;

6) accounting policy statement.

Verification plan and program. Stage I. The auditor must study the composition and structure of fixed assets according to the analytical accounting registers. In the process of studying, the correctness of classifying objects as fixed assets, their classification, as well as the formation of inventory objects of fixed assets is established. To do this, the auditor finds out whether the requirements of PBU 6/01 were observed when accepting objects for accounting:

1) the object is intended for use in the production of products, in the performance of work or the provision of services, for the management needs of the organization or for the provision by the organization for a fee for temporary possession and use or for temporary use;

2) the object is intended for use for a long time, i.e. a period lasting more than 12 months or a normal operating cycle if it exceeds 12 months;

3) the organization does not assume the subsequent resale of this object;

4) the object is capable of bringing economic benefits (income) to the organization in the future.

II stage. The auditor needs to obtain information about the conditions of storage and operation of the object, their safety (the existence of agreements on liability), assignment of objects to a specific unit, the availability of inventory numbers and technical documentation.

Check methods: continuous or selective check; survey of employees of the organization, accounting; testing.

Summarizing the test results. Auditor Working Papers. Identified violations and errors are recorded in the auditor’s working documents. The working document can be drawn up in the form of a table indicating the nature of the violation, the regulatory document that was violated, as well as the auditor’s recommendations for eliminating the violations. The working documents must indicate: a brief description of the violation; calculation of the quantitative impact of the violation on financial results; the name of the indicator that is changing and the adjusted value of the indicator.

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