Professional Help

Dear,

First of all prepare a Audit programme for Fixed Asset which includes

Authority for purchase of Fixed Assets.see who is responsible for purchase from Purchase dept. is there a purchase order requisition form or not. For some import see the Board resolution is obtained or not. you can refer any book on auditing of ca final.

After programme see the register of Fixed Assets is maintained or not. see entries in it as under Descreption of assets. Date, Location,Name of Party, Its VAT / TIN no.Invoice No. Amount Excise duty Vat Check calculation in Details

I am agree with amol, while preparing for the fixed asset audit.. start with the purchase process of the fixed asset. As you are starting it for the first time.. just see the follwoing basics.

1. The Fixed assets are accounted in a proper block of asset.

2. The depreciation charged on the same are as per the companies act.

3. Assets which are obsolate in the value are appearing in the books at Rs. 1 or Rs. 100 ( A nominal value for keeping the entry of asset in the book)

These are some of the extra points for comple checklist you may refer to any of the audit files or specially visit the wirc-icai website, checklist section.

With regards,

Bhavik