Audit of Fixed Assets
by Fatuatia Saumalu
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