How To Carry Out Audit Of Assets Liabilities Check Complete List
Audit of Assets – Let us have a look on the procedure to be followed in the case of Audit of Fixed Assets. The following aspects should be deeply verified. Internal Controls: The control over expenditure on fixed assets; self constructed assets, accountability and utilization controls and information controls.Proper Verification of Records: Records relating to acquisition of new fixed assets, improvements to existing ones, self – constructed assets, capital work-in-progress, scrutiny of expense accounts, audit procedures in respect of sold, destroyed or scrapped assets should be checked....