The specific objective in the fixed assets auditing is to assist management with the assessment of the adequacy or otherwise of internal controls related to the acquisition, recording, inventory, valuing, reporting, transferring and disposal and safeguarding of an organization’s inventory and fixed assets.
The specific objective in auditing the fixed assets is to:
- Understand the basic procedures for auditing fixed assets
- Understand the effects of assessed levels of risk of material misstatement on fixed assets auditing procedures
- Learn ways to audit fixed assets more efficiently
- Design and prepare the most efficient documentation for fixed assets auditing procedures