Fixed Assets Audit Program

WORK PROGRAM Company / Division / Department : __________________________ Section : FIXED ASSETS Year/Period:_______ Note: Program based on presumed or anticipated conditions. If program is changed as a result of conditions found in the field, document the change accordingly. Working Done by & Paper Date Ref. A. OVERALL AUDIT OBJECTIVES 1. Fixed assets represent all tangible assets owned or held under finance lease/hire purchased that are used in the company’s operations or under construction. 2. The procurement of the fixed assets is properly done based on company’s policies and procedures and limit of authority. 3. Fixed assets are properly recorded at cost/valuation. 4. The fixed assets physically exist. B. NOTES 1. Review and update the work program. 2. Determine and document population, sample size and sampling method. C. AUDIT PROCEDURES 1. Prepare/update system notes and identify auditee’s internal controls over fixed assets such as: • Purchasing decision and authorisation level ________________________________________________________________ • Payment or hire purchase/finance lease arrangement properly approved 1 Note: Program based on presumed or anticipated conditions. If program is changed as a result of conditions found in the field, document the change accordingly. Working Done by & Paper Date Ref. ...