Audit of Fixed Assets

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Audit of Fixed Assets by Mind Map: Audit of Fixed Assets

1. Asset Procurement

1.1. Receiving

1.1.1. Process

1.1.2. Controls

1.1.3. Storage

1.2. Purchasing and Aquisition

1.2.1. Process

1.2.2. Budget

1.2.3. Approval and Authorization

1.2.4. Function

1.3. Segregation of Duties

2. Asset Tracking & Monitoring

2.1. Asset Register

2.2. Policy and Procedures

2.3. Responsibilities & Owners

3. Asset Recording & Reporting

3.1. Policies and Procedures

3.2. Process

3.3. Draft Report

3.4. Final Report

4. Review of Base Documents

4.1. Policies and Procedures

4.2. Internal Controls

4.3. Fixed Schedule

4.4. Process Flowcharts

4.5. Manual and Guide

5. Substantiate Procedures

5.1. Verification of Records

5.2. Physical Verification

6. Disclosure

6.1. Standard Requirements

6.2. Policies and Procedures

7. IT Audit Environment

7.1. Policies and Procedures

7.2. System Access and Authorisation

7.3. Data Access

7.4. Data Availanility

7.5. Data backup and Recovery

8. Introduction + Initiation of the Audit

8.1. Meeting and Interviews

8.2. Scope /Timing

9. Define Data gathering methodology

9.1. Meeting

9.2. Interviews

9.3. Questionaires

10. Disposal & Retirement

10.1. Policies and Procidures

10.2. Approvals and Authorization

10.3. Paperwork and Supports

10.4. System Entries

11. Recognition and Revaluation

11.1. Applicable Standards

11.2. Methods

12. Asset Security

12.1. Policies

12.2. Access

12.3. Storage

13. Impairment & Depreciation

13.1. Test adequacy of depreciation provision

13.2. Test applicability of depreciation rates used

14. Risk Assessment

14.1. Inheretence Risk

14.2. Fraud Risk & Error

15. Register and System

15.1. Secure against unauthorized access or data loss

15.2. Up to date information

15.3. Proper and reliable backup