chapter_12auditingstocksandtangiblefixedassets-展示頁
2025-02-15 20:29本頁面
【正文】 Rules stage of pletion, future costs, recognition of loss Tangible Fixed Assets ?Land and building ?Plant and machinery ?Fixtures and fittings ?Motor vehicles Intangible Fixed Assets ? Goodwill ? Brands ? Trademarks FIXED ASSETS AUDIT OBJECTIVES Transaction class Existence or occurrence ? recorded additions and disposals occurred Completeness ? all additions and disposals are recorded Rights and obligations ? additions and disposals effectively transfer rights Account balance ? recorded fixed assets represents productive assets in use ? all applicable assets used in operations are included ? the entity owns or has rights to applicable recorded assets Transaction class Valuation ?additions and disposals are correctly recorded Disclosure ?recorded details of additions and disposals support their classification and presentation Account balance ?fixed assets are correctly stated at cost or valuation less depreciation ?disclosures are adequate as to cost or valuation, depreciation methods and other requirements Property, Plant Equipment ?Developing the audit plan ?Materiality ?Inherent risk ?Audit strategy ?Plant register FIXED ASSETS AUDIT STRATEGY ?Materiality and inherent risk ?often the largest category of assets ?not normally vulnerable to theft ?valuation and measurement problems ?self constructed assets ?assets held under finance leases FIXED ASSETS AUDIT STRATEGY ? Control risk and audit strategy ? transactions often few, large and subject to special authorisation ? predominantly substantive approach often used in such cases ? lower assessed level of control risk approach used for expenditures processed as routine purchases ? plant register may be used to assist substantive procedures but rarely assessed for control Substantive Procedures for Property, Plant Equipment ?Initial procedures ?Opening balances ?Analytical procedures ?Comparisons ?Tests of details of transactions ?Additions/Disposals ?Repairs and maintenance Substantive Procedures for Property, Plant Equipment ?Tests of details of balances ?Examining title documents contracts ?Reviewing provisions for depreciation ?Considering the possibility of impairment
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