Fixed Assets Audit Work Program

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This tool contains five work program samples that highlight detailed procedures to consider when facilitating a fixed assets audit.

Sample procedures include obtaining and reviewing the results of the last fixed asset physical; preparing a workflow and/or narrative to document the fixed asset cycle, including an approval process, project overrun identifications, asset additions and project closures, asset disposals, asset transfers, and physical verification of assets; obtaining a fixed asset listing and verifying the existence of significant assets; vouching for supporting invoices, noting proper recording of amounts; and determining the process for the physical maintenance of production equipment.

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