How and wht should i required to check/audit for deprecaition of F.A and F.A Schedule..
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Audit of depreciation charged
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- Check the depreciation rates as provided in companies act 1956.
- check whther ther is any addition made during the year , if yes then check wther depreciation is correctly charged from the date of purchase till last date of a/c year.
- check wther ther is sale of any asset and if yes den check its treatment given by the company.
- Scruitnize all th original documents supporting any additions made by the company in case of fixed assets and cross tally the amount debited to FA a/c with such documents.
- Also check application of AS-10 & AS-6 whther it has been correctly applied by the management.
- See wther all the assets added and sold by the management are properly authorised by passing resolution for it.
- Also check the internal policy if any of the comapany. This are some of the imp points that you need to keep in mind while doing audit of asset & dep.
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