Objective: Existence, Valuation, Completeness, Rights and
Accuracy
Reference: A1
Work done:
1. Collected a list of all assets from the Statement of
Financial Position2. Calculated depreciation3. Checked
additions(new) and disposals(sold, scrapped)4. Checked the
arithmetic reperformed the addition of the total
5. Picked a sample6. Asked to see them7. Checked the minutes to
see if they were authorized disposals and purchases8. Etc
Results:
1. We could not find 3 chairs on the assets register2. The
figure was immaterial3. Recommendation the Assets Register must be
better managed.4. So assets are overstated
Conclusion
It seems the assets figure in the statement of financial
position is correct. There were no big
problems except the three missing chairs. This was immaterial so
it will not change our overallopinion of assets.
