Audit of Fixed Assets

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

1. IT Audit Environment

1.1. Policies and Procedures

1.2. System Access and Authorisation

1.3. Data Access

1.4. Data Availanility

1.5. Data backup and Recovery

2. Introduction + Initiation of the Audit

2.1. Meeting and Interviews

2.2. Scope /Timing

3. Define Data gathering methodology

3.1. Meeting

3.2. Interviews

3.3. Questionaires

4. Asset Procurement

4.1. Receiving

4.1.1. Process

4.1.2. Controls

4.1.3. Storage

4.2. Purchasing and Aquisition

4.2.1. Process

4.2.2. Budget

4.2.3. Approval and Authorization

4.2.4. Function

4.3. Segregation of Duties

5. Asset Tracking & Monitoring

5.1. Asset Register

5.2. Policy and Procedures

5.3. Responsibilities & Owners

6. Asset Recording & Reporting

6.1. Policies and Procedures

6.2. Process

6.3. Draft Report

6.4. Final Report

7. Disposal & Retirement

7.1. Policies and Procidures

7.2. Approvals and Authorization

7.3. Paperwork and Supports

7.4. System Entries

8. Recognition and Revaluation

8.1. Applicable Standards

8.2. Methods

9. Asset Security

9.1. Policies

9.2. Access

9.3. Storage

10. Review of Base Documents

10.1. Policies and Procedures

10.2. Internal Controls

10.3. Fixed Schedule

10.4. Process Flowcharts

10.5. Manual and Guide

11. Impairment & Depreciation

11.1. Test adequacy of depreciation provision

11.2. Test applicability of depreciation rates used

12. Risk Assessment

12.1. Inheretence Risk

12.2. Fraud Risk & Error

13. Substantiate Procedures

13.1. Verification of Records

13.2. Physical Verification

14. Disclosure

14.1. Standard Requirements

14.2. Policies and Procedures

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