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Audit of Fixed Assets Processes and Procedures Project # 1316 Prepared by Office of the Inspector General. Timothy Barnes, CPA, Inspector General Gary T. Bowen, CIA, Lead Consulting Auditable OF CONTENTS BACKGROUND

How to fill out audit of fixed assets

How to fill out audit of fixed assets

1. Step 1: Gather all relevant documentation related to fixed assets, such as purchase invoices, depreciation schedules, and disposal records.
2. Step 2: Create an inventory list of all fixed assets, including their description, purchase date, location, and original cost.
3. Step 3: Verify the accuracy of the inventory list by physically inspecting each fixed asset and comparing it to the recorded information.
4. Step 4: Assess the condition and useful life of each fixed asset to determine if any impairment or depreciation adjustments are necessary.
5. Step 5: Review the depreciation method and rate used for each fixed asset to ensure compliance with accounting standards.
6. Step 6: Analyze any additions or disposals of fixed assets during the audit period and verify their proper accounting treatment.
7. Step 7: Perform reconciliation between the fixed asset ledger and general ledger to identify any discrepancies.
8. Step 8: Test the existence and ownership of fixed assets by examining supporting documents and conducting inquiries with relevant personnel.
9. Step 9: Evaluate the adequacy of internal controls over fixed asset management, including the authorization, recording, and safeguarding of assets.
10. Step 10: Document the findings and conclusions of the audit, highlighting any significant issues or recommendations for improvement.

Who needs audit of fixed assets?

1. Companies that own significant fixed assets, such as buildings, machinery, and vehicles, may require an audit of fixed assets.
2. Publicly traded companies are often required by regulatory authorities to conduct regular audits of fixed assets for financial reporting purposes.
3. Government agencies and nonprofit organizations that receive public funds may need to undergo fixed asset audits to ensure proper stewardship of resources.
4. External stakeholders, such as investors, lenders, and shareholders, may request or require audits of fixed assets to assess the financial health and reliability of an organization.
5. Internal management may initiate fixed asset audits to identify areas of improvement, assess risk exposure, and ensure compliance with internal policies and procedures.

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