Question

How are fixed assets audited?

Answer 1

Fixed assets are audited by the following steps:

• An auditor must understand the client’s procedure of fixed assets purchase and sale.

• The client’s fixed asset register must be obtained.

• All additions to fixed assets must be vouched.

• Any deletions from fixed assets must be vouched.

• Follow depreciation and amortization on fixed assets.

• A complete revaluation can be made, in the final stage.

Also see:

• Difference Between Assets and Liabilities
• What Are Current Assets?
• What Are Non Current Assets?