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Fixed Assets Audit Programme

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67% found this document useful (3 votes)

1K views109 pages

Fixed Assets Audit Programme

Uploaded by

Godfrey Jatho

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as XLS, PDF, TXT or read online on Scribd

You are on page 1/ 109

A Risk Based

Audit Program for

Fixed Assets
This spreadsheet is a framework for a Risk Based Audit
Programme for fixed assets. It requires modifying for your
organisation.

Details for using this Risk Based Audit Programme are

included in the book 'Compilation of a Risk and Audit
Universe' available on www.internalaudit.biz

David Griffiths
13 October 2013

or your

Fixed Assets Audit Programme

Introduction
Objective of this programme

The programme is a framework which is there for you to change for

your objectives, risks, controls and tests.
It is not complete, since it is intended to present suggestions. You have
to complete it.
Controls, and the audit tests to check them, are vague in this
framework because they cannot be based on an actual process. You
must make them specific to your process.

(Note that some cells have been completed with examples to give an
idea of the information which would be input into them)

Audit stages
The stages of an audit may include the following (see figure 5 in 'The
introduction to Risk Based Internal Auditing):
Define the scope in terms of risks to be checked
Meet staff involved to discuss scope and the audit process. Find out
about any risk registers they have.
Carry out walk through tests, that is, follow a representative sample
of transactions through the processes in order to fully understand the
processes and the risks they face.
Identify risks from auditor perspective
Finalise the scope of the audit
Hold a risk workshop to identify all risks (auditors' and
management's) and score them
Carry out audit tests to check the operation of the controls managing
risks
Discuss the audit findings with the staff involved.
Write the draft report
Discuss the draft report
Issue the final report
Carry out follow up work, if necessary, to ensure that action is taken
where agreed.
(staff = people (including managers) employed by the company either
directly (as employees) or indirectly (as contractors))

This spreadsheet

Has the following workbooks:

Introduction
Scope

Mindmap
Audit details
Audit
programme
Column key
Flow chart
Audit history
Functions

Scoring risks

(This page). Gives the objectives of this programme and a

summary of the main stages.
An example scope for a fixed asets audit

Since the mind map is so large, this page gives a reference

to the on-line version
The primary function being audited and where it stands in the
organisation (see the COSO 'cube')
The audit programme for fixed assets. It will have associated
audit test schedules.
Details of the contents of each column on the programme
A flowchart showing typical processes in and around
processes for accounting for fixed assets
History of previous audits
A hiearchy of functions involved with fixed asset accounting.
Necessary to complete the 'owner' columns of the
spreadsheet.
Criteria used for scoring the risks.

Risk based internal auditing by David Griffiths is licensed

under a Creative Commons Attribution-NonCommercial 3.0
Unported License.

Fixed Assets Audit Programme

Scope
Purpose of audit
To conclude on whether:
Risks hindering the achievement of objectives have been properly identified,
evaluated and managed.
Internal controls are operating properly to mitigate these risks to levels defined as
acceptable by board policy.
Action is being taken to improve controls, where risks are not being properly
managed.
More monitoring, by management, is necessary to ensure proper internal controls
into the future.
Objectives of the fixed assets accounting processes
The primary objectives of the fixed asset accounting processes are:
There is a clear strategy for the operation of the processes, now and into the future
Data input into the system is complete, accurate and on a timely basis
The asset register is properly updated
The financial balance on the ledger is correct
Assets are protected against loss
Data is protected against loss
Sufficient, knowledgable staff are available to operate the processes
These objectives are expanded in the audit programme
Work programme
Discuss the audit process with staff
Determine if any risk assessment has been done
Understand the processes in operation
Identify risks from auditor perspective
Finalise the scope of the audit
Hold a risk workshop to identify all risks (auditors' and management's) and score
them
Carry out audit tests to check the operation of the controls managing risks
Discuss the audit findings with the staff involved.
Discuss the draft report
Issue the final report
Special considerations
Management have asked internal audit to especially check the security of IT assets
Personnel

Timing

Recipients

Fixed Assets Audit Programme

Mind map

Fixed Assets Audit Programme

Mind map
The mind map used to create the audit programme can be found at :
http://www.dmgriffiths.com/rbia/files/programmes/fixedassets/Fixed_assets_audit_programme.html

Fixed Assets Audit Programme

Audit details
Audit Group
FA
Last audit number 123
Audit name
Fixed Assets
Department
Function
Operating unit
Division
Entity

Fixed asset accounting

Finance
UK
Retail
Retail PLC

Process(es)

Fixed assets
IT
Security

Account for fixed Assets.mmp

Account for Fixed Assets

Fixed Assets Audit Programme

L1obj

L1 Objectives

L1risk

L1 Risks

L2obj

L1obj

L1 Objectives

L1risk

L1 Risks

L2obj

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

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business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
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Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

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Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

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business

Maintain profit of
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Processes do not support the

business

Maintain profit of
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business

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Processes do not support the

business

Maintain profit of
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Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
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business

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business

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Processes do not support the

business

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Processes do not support the

business

Maintain profit of
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Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business
Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
business
Processes do not support the
business
Processes do not support the
business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
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business

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Processes do not support the

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business

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business

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business

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business

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business

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business

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business

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existing business

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business

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business

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Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
business

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Maintain profit of
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Processes do not support the

business
Processes do not support the
business

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existing business

Processes do not support the

business

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existing business
Maintain profit of
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Maintain profit of
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Maintain profit of
existing business

Processes do not support the

business
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business
Processes do not support the
business
Processes do not support the
business

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Maintain profit of
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Maintain profit of
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Maintain profit of
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Maintain profit of
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Maintain profit of
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Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
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Maintain profit of
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Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
business
Processes do not support the
business
Processes do not support the
business
Processes do not support the
business
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business
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Processes do not support the
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business
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business
Processes do not support the
business
Processes do not support the
business

Maintain profit of
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business

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business

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Maintain profit of
existing business

Processes do not support the

business

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existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
business
Processes do not support the
business
Processes do not support the
business
Processes do not support the
business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
business
Processes do not support the
business
Processes do not support the
business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
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Account for Fixed Assets

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Processes do not support the

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business

Processes do not support the

business

Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
business
Processes do not support the
business

Maintain profit of
existing business
Maintain profit of
existing business
Maintain profit of
existing business

Processes do not support the

business
Processes do not support the
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Processes do not support the
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Maintain profit of
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Maintain profit of
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Processes do not support the
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Account for fixed Assets.mmp

Account for Fixed Assets

9-Oct-13

L2 Objectives

L2risk

L2 Risks

L3obj

L2 Objectives

L2risk

L2 Risks

L3obj

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

1/10/2015 at 1:09 AM

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Account for Fixed Assets

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Processes are not fit for purpose

or will not remain fit for purpose

Account for fixed assets

Incorrect set up data

Account for fixed assets

Incorrect set up data

Account for fixed assets

Incorrect set up data

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Account for Fixed Assets

Account for fixed assets

Incorrect set up data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

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Account for Fixed Assets

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

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Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

Account for fixed assets

Incorrect standing data

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Incorrect standing data

Account for fixed assets

Incorrect standing data

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Account for Fixed Assets

Account for fixed assets

Incorrect standing data

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

1/10/2015 at 1:09 AM

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Account for Fixed Assets

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Transaction data used to update

balances is incorrect

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

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Account for fixed assets

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Account for fixed assets

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Account for fixed assets

Incorrect balances

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Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

Account for fixed assets

Incorrect balances

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Incorrect output

Account for fixed assets

Incorrect output

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Account for Fixed Assets

Account for fixed assets

Incorrect output

Account for fixed assets

Incorrect output

Account for fixed assets

Incorrect output

Account for fixed assets

Incorrect output

Account for fixed assets

Incorrect output

Account for fixed assets

Incorrect output

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

The databases are corrupted or

destroyed

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

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Account for Fixed Assets

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets are stolen, damaged or

lost

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

1/10/2015 at 1:09 AM

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Account for Fixed Assets

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Assets disposals do not achieve

maximum value

Account for fixed assets

Resources do not support the

objective

Account for fixed assets

Resources do not support the

objective

Account for fixed assets

Resources do not support the

objective

Account for fixed assets

Resources do not support the

objective

Account for fixed assets

Resources do not support the

objective

Account for fixed assets

Resources do not support the

objective

Account for fixed assets

Resources do not support the

objective

Account for fixed assets

Resources do not support the

objective

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Account for Fixed Assets

L3 Objectives

L3risk

L3 Objectives

L3risk

Maintain a strategy which ensures the process achieves

maximum efficiency and effectiveness now and in the
future
Maintain a strategy which ensures the process achieves
maximum efficiency and effectiveness now and in the
future
Maintain a strategy which ensures the process achieves
maximum efficiency and effectiveness now and in the
future
Maintain a strategy which ensures the process achieves
maximum efficiency and effectiveness now and in the
future

Maintain a strategy which ensures the process achieves

maximum efficiency and effectiveness now and in the
future
Maintain processes to ensure that tax, disclosure and
other legal requirements are followed

Maintain processes to ensure that tax, disclosure and

other legal requirements are followed

Maintain processes to ensure that tax, disclosure and

other legal requirements are followed

Maintain processes to ensure that tax, disclosure and

other legal requirements are followed
Maintain processes to ensure that tax, disclosure and
other legal requirements are followed
Maintain processes to ensure that tax, disclosure and
other legal requirements are followed

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Account for Fixed Assets

Maintain processes to ensure that tax, disclosure and

other legal requirements are followed
Maintain processes to ensure that company policies are
established and communicated

Maintain processes to ensure that company policies are

established and communicated
Maintain processes to ensure that company policies are
established and communicated
Maintain processes to ensure that company policies are
established and communicated
Maintain processes to ensure that company policies are
established and communicated
Maintain processes to ensure that company policies are
established and communicated
Maintain processes to ensure that company policies are
established and communicated

Maintain processes to ensure that company policies are

established and communicated

Maintain processes to ensure that company policies are

established and communicated

Maintain processes to ensure that company policies are

established and communicated

Maintain processes to ensure that company policies are

established and communicated

Data used for set up was complete, accurate and complied

with regulations
Data used for set up was complete, accurate and complied
with regulations
Data used for set up was complete, accurate and complied
with regulations

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Account for Fixed Assets

Data used for set up was complete, accurate and complied

with regulations
Data used for standing data was relevant, complete,
accurate and complied with regulations
Data used for standing data was relevant, complete,
accurate and complied with regulations
Data used for standing data was relevant, complete,
accurate and complied with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations

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Account for Fixed Assets

Data being used to update standing data is relevant,

complete, accurate, timely and complies with regulations

Data being used to update standing data is relevant,

complete, accurate, timely and complies with regulations
Data being used to update standing data is relevant,
complete, accurate, timely and complies with regulations

The fixed asset register is sufficiently detailed to enable

significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified
The fixed asset register is sufficiently detailed to enable
significant assets to be physically identified

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Account for Fixed Assets

The fixed asset register is sufficiently detailed to enable

significant assets to be physically identified
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations

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Account for Fixed Assets

Transaction data being used to update balances is

relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Transaction data being used to update balances is
relevant, complete, accurate, timely and complies with
regulations
Depreciation is correctly calculated
Depreciation is correctly calculated
Depreciation is correctly calculated
Depreciation is correctly calculated
Cumulative depreciation is correctly updated
Cumulative depreciation is correctly updated
The balance total agrees with that in the general ledger
The balance total agrees with that in the general ledger
The balance total agrees with that in the general ledger
The balance total agrees with that in the general ledger

The balance total agrees with that in the general ledger

All balances are comprised of transactions which are
identifiable, authorised and valid
All balances are comprised of transactions which are
identifiable, authorised and valid

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Account for Fixed Assets

All balances are comprised of transactions which are

identifiable, authorised and valid
All balances are comprised of transactions which are
identifiable, authorised and valid

All balances are comprised of transactions which are

identifiable, authorised and valid

All balances are comprised of transactions which are

identifiable, authorised and valid
All balances are comprised of transactions which are
identifiable, authorised and valid
All balances are comprised of transactions which are
identifiable, authorised and valid
All balances are comprised of transactions which are
identifiable, authorised and valid
All balances are comprised of transactions which are
identifiable, authorised and valid
Assets are correctly valued in the register
Assets are correctly valued in the register

Assets are correctly valued in the register

Assets are correctly valued in the register
Assets are correctly valued in the register
Assets are correctly valued in the register

Assets are correctly valued in the register

Output data is relevant, complete, accurate, timely and
complies with regulations
Output data is relevant, complete, accurate, timely and
complies with regulations

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Account for Fixed Assets

Output data is relevant, complete, accurate, timely and

complies with regulations
Output data is relevant, complete, accurate, timely and
complies with regulations
Output data is relevant, complete, accurate, timely and
complies with regulations
Output data is relevant, complete, accurate, timely and
complies with regulations
Output data is relevant, complete, accurate, timely and
complies with regulations
Output data is relevant, complete, accurate, timely and
complies with regulations
The database is secured against alteration, other than by
permitted transactions
The database is secured against alteration, other than by
permitted transactions
The database is secured against alteration, other than by
permitted transactions
Malicious corruption is prevented
Corruption by malfunctioning IT systems is prevented
Corruption by malfunctioning IT systems is prevented
Corruption by malfunctioning IT systems is prevented
Physical damage to hardware is prevented
Physical damage to hardware is prevented
Physical damage to hardware is prevented
Physical damage to hardware is prevented
Assets are secured against theft
Assets are secured against theft
Assets are secured against theft

Assets are secured against theft

Assets are protected against loss

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Account for Fixed Assets

Assets are protected against damage

Assets are protected against damage
Assets are protected against damage
Assets are protected against damage
Assets are protected against damage

All fixed asset disposals are authorised at the appropriate

level
All fixed asset disposals are authorised at the appropriate
level
All fixed asset disposals are authorised at the appropriate
level
All fixed asset disposals are authorised at the appropriate
level
All fixed asset disposals are authorised at the appropriate
level
All fixed asset disposals are authorised at the appropriate
level
All fixed asset disposals are authorised at the appropriate
level
A number of quotes (or alternative information) are
obtained before disposal and proceeds received are
monitored against expectations
A number of quotes (or alternative information) are
obtained before disposal and proceeds received are
monitored against expectations
A number of quotes (or alternative information) are
obtained before disposal and proceeds received are
monitored against expectations
A number of quotes (or alternative information) are
obtained before disposal and proceeds received are
monitored against expectations
A number of quotes (or alternative information) are
obtained before disposal and proceeds received are
monitored against expectations

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Account for Fixed Assets

A number of quotes (or alternative information) are

obtained before disposal and proceeds received are
monitored against expectations
Assets are removed from the asset register correctly

Assets are removed from the asset register correctly

Assets are removed from the asset register correctly
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
All redundant assets are identified on a timely basis and
appropriate plans made for their future disposal
Maintain the IT systems which support the existing
business
Maintain the IT systems which support the existing
business
Maintain the IT systems which support the existing
business
Maintain the IT systems which support the existing
business
Maintain the IT systems which support the existing
business
Recruit and train staff to maintain existing business

Recruit and train staff to maintain existing business

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Account for Fixed Assets

L3 Risks

Objective type
(COSO)

L3 Risks

Objective type (COSO)

The strategy does not contain clear objectives, is not

financially justified or documented

Operations

Strategy does not address all the significant risks

Operations

Objectives within the strategy are not achieved

Operations

Objectives within the strategy are not achieved

Operations

The strategy is not communicated to relevant staff

Operations

Information relating to specific accounting or taxation

requirements may not be obtainable, or may be open
to misinterpretation.

Compliance,
Reporting

Information relating to specific accounting or taxation

requirements may not be obtainable, or may be open
to misinterpretation.

Compliance,
Reporting

Information relating to specific accounting or taxation

requirements may not be obtainable, or may be open
to misinterpretation.

Compliance,
Reporting

Information relating to specific accounting or taxation

requirements may not be obtainable, or may be open
to misinterpretation.

Compliance,
Reporting

Legislation may not be followed or understood.

Compliance

Legislation may not be followed or understood.

Compliance

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Account for Fixed Assets

Legislation may not be followed or understood.

Compliance

Company policy may not be clear.

Compliance

Company policies are not adhered to.

Compliance

Company policies are not adhered to.

Compliance

Policy may not take account of new asset categories

Compliance

Policy may not take account of latest accepted best

practice

Compliance

Policy may not take account of latest accepted best

practice

Compliance

Examination and review of actual policies followed

may not be done on a regular basis.

Compliance

Risks to the processes are not identified

Operations

Risks to the processes are not identified

Operations

Risks to the processes are not identified

Operations

Risks to the processes are not identified

Operations

Data supplied was incorrect

Operations. Reporting.
Compliance

Data was input incorrectly

Operations. Reporting.
Compliance

Data was input incorrectly

Operations. Reporting.
Compliance

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Account for Fixed Assets

Incorrect depreciation rates assigned to categories

Operations. Reporting.
Compliance

Data supplied was inaccurate

Operations. Reporting.
Compliance

Data was input incorrectly

Operations. Reporting.
Compliance

Data was input incorrectly

Operations. Reporting.
Compliance

Data supplied is inaccurate

Operations. Reporting.
Compliance

Data is input incorrectly

Operations. Reporting.
Compliance

Data is input incorrectly

Operations. Reporting.
Compliance

Data supplied is incomplete or not supplied

Operations. Reporting.
Compliance

Data supplied is incomplete or not supplied

Operations. Reporting.
Compliance

Assets exist but are recorded on the register under the Operations
wrong location
Assets exist but are recorded on the register under the Operations
wrong location
Data is input at the wrong time

Operations. Reporting.
Compliance

Data is input at the wrong time

Operations. Reporting.
Compliance

Data does not conform to regulations

Operations. Reporting.
Compliance

Data does not conform to regulations

Operations. Reporting.
Compliance

Data does not conform to regulations

Operations. Reporting.
Compliance

Malicious/fraudulent data set up

Operations. Reporting.
Compliance

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Account for Fixed Assets

Malicious/fraudulent data set up

Operations. Reporting.
Compliance

Malicious/fraudulent data set up

Operations. Reporting.
Compliance

Malicious/fraudulent data set up

Operations. Reporting.
Compliance

Asset descriptions (including asset type) may be

incorrect.

Operations

Asset descriptions (including asset type) may be

incorrect.

Operations

Asset descriptions (including asset type) may be

incorrect.

Operations

Asset descriptions (including asset type) may be

incorrect.

Operations

Asset descriptions may be vague, omit asset

locations, omit individual asset number

Operations

Asset descriptions may be vague, omit asset

locations, omit individual asset number

Operations

Asset descriptions may be vague, omit asset

locations, omit individual asset number

Operations

Asset descriptions may be vague, omit asset

locations, omit individual asset number

Operations

The register may not show the correct quantity of

assets

Operations

The register may not show the correct quantity of

assets

Operations

The register may not show the correct quantity of

assets

Operations

The register may not show the correct quantity of

assets

Operations

The register may not show the correct quantity of

assets

Operations

The register is not organised and structured to allow

effective and efficient use

Operations

The register is not organised and structured to allow

effective and efficient use

Operations

The register is not organised and structured to allow

effective and efficient use

Operations

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The register is not organised and structured to allow

effective and efficient use

Account for Fixed Assets

Operations

Data supplied is inaccurate

Data is input incorrectly

Data supplied is incomplete or not supplied

Capital expenditure classed as revenue

Revenue expenditure classed as capital

Data is input at the wrong time

Data does not conform to regulations

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Account for Fixed Assets

Data does not conform to regulations

Malicious/fraudulent data set up

Asset assigned to wrong category

Depreciation rate for category is incorrect
Processing miscalculates depreciation
Asset is not depreciated
Monthly depreciation not added to cumulative
Monthly depreciation not added to cumulative
Data input directly into GL without a system
transaction
Data not transferred from system to GL
Data not transferred from system to GL
Data not transferred from system to GL

Data not transferred from system to GL

Timing differences between system and GL input

Items making up the balance cannot be identified with
authorised transactions
Items making up the balance cannot be identified with
authorised transactions

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Account for Fixed Assets

Items making up the balance cannot be identified with

authorised transactions
Items making up the balance cannot be identified with
independent data

Fixed assets that have been mislaid, scrapped or

misappropriated are still recorded in the accounting
records
Fixed assets that have been mislaid, scrapped or
misappropriated are still recorded in the accounting
records
Fixed assets that have been mislaid, scrapped or
misappropriated are still recorded in the accounting
records
The carrying cost of assets in the register are
incorrect
Items making up the balance are overdue
Items making up the balance don't comply with
regulations
The cumulative depreciation is incorrectly stated
The cumulative depreciation is incorrectly stated

The cumulative depreciation is incorrectly stated

Physical assets are obsolete

Physical assets are obsolete
Physical assets are obsolete
Physical assets are in poor condition

Physical assets do not exist

Output data is not relevant
Output data is not relevant

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Account for Fixed Assets

Output data is incorrect

Output data is incorrect
Output data is incomplete
Data is output at the wrong time
Output data does not conform to regulations
Output data does not conform to regulations
Unauthorised alterations occur
Unauthorised alterations occur
Unauthorised alterations not detected
Computer virus corrupt database
Malfunctioning hardware or software corrupts data
Malfunctioning hardware or software corrupts data
Incorrect IT procedures result in incorrect restoration
of files
Hard drives and other storage media damaged
Hard drives and other storage media damaged
Hard drives and other storage media stolen
Hard drives and other storage media stolen
Inadequate physical security over fixed assets
Inadequate physical security over fixed assets
Inadequate physical security over fixed assets

Inadequate physical security over fixed assets

Assets are inappropriately covered by insurance to
provide replacements.
Assets are inappropriately covered by insurance to
provide replacements.

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Account for Fixed Assets

Business continuity may be compromised by the loss

of key business assets
Business continuity may be compromised by the loss
of key business assets

Business continuity may be compromised by the loss

of key business assets
Assets are damaged as a result of poor storage
Assets are damaged as a result of poor storage
Assets are damaged by length of storage
Assets are damaged by length of storage
Assets are damaged by length of storage

Disposal authorisation signatories may be invalid: e.g.

out of date, not formally authorised, not authentic
Disposal authorisation signatories may be invalid: e.g.
out of date, not formally authorised, not authentic
Disposal authorisation signatories may be invalid: e.g.
out of date, not formally authorised, not authentic
Assets may be scrapped / disposed without being
notified or authorised.
Assets may be scrapped / disposed without being
notified or authorised.
The wrong asset may be disposed of through poor
identification
The wrong asset may be disposed of through poor
identification
Independent quotes are not always obtained.

The most appropriate quote is not adopted

The urgency of disposal may limit sale opportunities

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Account for Fixed Assets

Sale proceeds: are not received or not received on a

timely basis
Incorrect asset removed

Incorrect asset removed

Profit / Loss on disposal not accurately accounted for
at time of disposal
Assets are not identified
Assets are not identified
Assets are wrongly identified
Assets are wrongly identified
Assets may be required in the future
Alternatives are not properly considered (e.g. the
asset could be used elsewhere in the business, the
asset could be upgraded or improved
Alternatives are not properly considered (e.g. the
asset could be used elsewhere in the business, the
asset could be upgraded or improved
Alternatives are not properly considered (e.g. the
asset could be used elsewhere in the business, the
asset could be upgraded or improved
Function does not achieve maximum efficiency
IT systems lose data
IT systems fail

Programs miscalculate data

Programs miscalculate data
Insufficient staff to maintain business operations

Insufficient staff to maintain business operations

Business operations fail due to lack of staff knowledge

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Account for Fixed Assets

Consequence of risk

Risk
source

IRC

IRL

IRS

Consequence of risk

Risk source

IRC

IRL

IRS

Complete system failure due to not

keeping the system up-to-date,
Excessive costs because the
processes are inefficient
Complete system failure due to not
keeping the system up-to-date,
Excessive costs because the
processes are inefficient
Complete system failure due to not
keeping the system up-to-date,
Excessive costs because the
processes are inefficient
Complete system failure due to not
keeping the system up-to-date,
Excessive costs because the
processes are inefficient

Risk applies to
all objective
hierarchies

Complete system failure due to not

keeping the system up-to-date,
Excessive costs because the
processes are inefficient
Tax is incorrectly calculated. The
accounts are incorrect.

Risk applies to
all objective
hierarchies

Tax is incorrectly calculated. The

accounts are incorrect.

Risk applies to
all objective
hierarchies

Tax is incorrectly calculated. The

accounts are incorrect.

Risk applies to
all objective
hierarchies

Tax is incorrectly calculated. The

accounts are incorrect.

Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies

Tax is incorrectly calculated. The

accounts are incorrect.
Tax is incorrectly calculated. The
accounts are incorrect.

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Tax is incorrectly calculated. The

accounts are incorrect.
Tax is incorrectly calculated. The
accounts are incorrect.

Tax is incorrectly calculated. The

accounts are incorrect.
Tax is incorrectly calculated. The
accounts are incorrect.
Tax is incorrectly calculated. The
accounts are incorrect.
Tax is incorrectly calculated. The
accounts are incorrect.
Tax is incorrectly calculated. The
accounts are incorrect. Inefficient
procedures.
Tax is incorrectly calculated. The
accounts are incorrect. Inefficient
procedures.
Failure to identify risks will result in no
internal controls to mitigate them,
which might have catastrpohic
consequencies
Failure to identify risks will result in no
internal controls to mitigate them,
which might have catastrpohic
consequencies
Failure to identify risks will result in no
internal controls to mitigate them,
which might have catastrpohic
consequencies
Failure to identify risks will result in no
internal controls to mitigate them,
which might have serious
consequencies
Incorrect set up data could corrupt
important information with serious
results
Incorrect set up data could corrupt
important information with serious
results
Incorrect set up data could corrupt
important information with serious
results

1/10/2015 at 1:09 AM

Account for Fixed Assets

Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies

Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies
Risk applies to
all objective
hierarchies

Risk applies to
all objective
hierarchies

Fixed assets
department

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Account for fixed Assets.mmp

Incorrect set up data could corrupt

important information with serious
results
Incorrect standing data could corrupt
important information with serious
results
Incorrect standing data could corrupt
important information with serious
results
Incorrect standing data could corrupt
important information with serious
results
Incorrect standing data could corrupt
important information with serious
results
Incorrect standing data could corrupt
important information with serious
results
Incorrect standing data could corrupt
important information with serious
results
Incorrect standing data could corrupt
important information with serious
results
Incorrect standing data could corrupt
important information with serious
results

1/10/2015 at 1:09 AM

Account for Fixed Assets

Fixed assets
department

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Account for Fixed Assets

Fixed assets
department

Fixed assets
department
Fixed assets
department

Fixed assets
department

Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department

Fixed assets
department

0
0
0

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Account for Fixed Assets

Fixed assets
department
Fixed assets
department

Fixed assets
department

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1/10/2015 at 1:09 AM

Account for Fixed Assets

Fixed assets
department

Fixed assets
department
Fixed assets
department
Fixed assets
department

0
0
0
0
0
0
0
0
0

0
0

Page 55

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1/10/2015 at 1:09 AM

Account for Fixed Assets

Fixed assets
department
Fixed assets
department

Fixed assets
department

Fixed assets
department
Fixed assets
department

Fixed assets
department

Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department

Fixed assets
department
Fixed assets
department
Fixed assets
department

0
0
0

0
0

Page 56

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Account for Fixed Assets

Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department

Fixed assets
department
Fixed assets
department

Fixed assets
department

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

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Account for Fixed Assets

Fixed assets
department

Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department

Fixed assets
department

Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department

Fixed assets
department

0
0
0
0

0
0
0

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Account for Fixed Assets

Fixed assets
department

Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department
Fixed assets
department

Fixed assets
department

Applies to all
objectives
Applies to all
objectives
Applies to all
objectives

Applies to all
objectives
Applies to all
objectives

0
0
0
0
0
0
0

0
0

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Account for Fixed Assets

Internal control

Function

Internal
control owner

Internal control

Function

Internal control owner

The strategy is presented to the management

ultimately responsible for the process with the clear
objectives and financial implications

Fixed asset
accounting

Fixed Asset
Accounting
Manager

The strategy is presented to the senior management Fixed asset

with the strategic risks and their management
accounting
included

Fixed Asset
Accounting
Manager

Targets are set at the start of the year which detail

how to achieve the objectives

Fixed asset
accounting

Fixed Asset
Accounting
Manager

Targets are set for individuals which involve

achieving the strategy's objectives

Fixed asset
accounting

Fixed Asset
Accounting
Manager

Staff are informed of the strategy at the start of the

year

Fixed asset
accounting

Fixed Asset
Accounting
Manager

Company accounting manual sets out specific

reporting requirements and is readily available to all
functions

Financial
Accounting

Financial
Accounting
Manager

The requirement to provide the above information is

considered in building the fixed asset register

Fixed asset
accounting

Fixed Asset
Accounting
Manager

Company finance and tax departments monitor

capital expenditure (for e.g. capital allowances)
issues and keep others informed through regular
bulletins.
External Audit are involved for statutory audit
purposes.

Tax

Corporation Tax
Manager

Tangible fixed assets section of the policy manual

exists and is regularly updated for new legislation

Financial
Accounting

External Auditors Statutory Accounts

Manager

Company requirements are formally monitored by the Tax

business to ensure compliance.

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Financial
Accounting
Manager
Corporation Tax and
VAT Tax Managers

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All staff are trained when necessary

Account for Fixed Assets

Fixed asset
accounting

Company accounting manual contains detailed

Financial
requirements, policies and procedures and is readily Accounting
available to all departments.
Tangible fixed assets section of the manual exists
and is regularly updated for new legislation

Financial
Accounting

Company requirements are formally monitored to

ensure compliance.

Financial
Accounting

Company finance and tax departments monitor

Tax
capital expenditure issues and keep others informed
through regular bulletins.
Company finance and tax departments monitor
Tax
capital expenditure issues and keep others informed
through regular bulletins.
External audit review Company policies as part of
year end work.
Monthly management account figures are prepared
and large variations against budget and expected
forecast figures are followed up by finance
department
Risks have been identified and the risk register
completed

Fixed Asset
Accounting
Manager
Financial
Accounting
Manager
Financial
Accounting
Manager
Financial
Accounting
Manager
Corporation Tax
Manager
Corporation Tax and
VAT Tax Managers

External Auditors Fixed Asset

Accounting
Manager
Management
Management
Accounts
Accounts Manager
Fixed asset
accounting

Fixed Asset
Accounting
Manager

Staff have had risk awareness training

Fixed asset
accounting

Fixed Asset
Accounting
Manager

New risks are notified to the keeper of the risk

Fixed asset
accounting

Fixed Asset
Accounting
Manager

New risks are notified to internal audit

Fixed asset
accounting

Fixed Asset
Accounting
Manager

Use data from a trusted source

Fixed asset
accounting

Check data on system to data on source

Fixed asset
accounting

Run tests to check set up data is correct

Fixed asset
accounting

Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager

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Account for Fixed Assets

Any new depreciation rates, or changes to existing

rates, must be authorised by a senior finance
manager

Fixed asset
accounting

Use data from a trusted source

Fixed asset
accounting

Check data on system to data on source

Fixed asset
accounting

Run tests to check set up data is correct

Fixed asset
accounting

Use data from a trusted source

Fixed asset
accounting

Check data on system to data on source

Fixed asset
accounting

Check output is correct

Fixed asset
accounting

Check all required data fields on system are

completed

Fixed asset
accounting

Exception reports to highlight incorrect or missing

data

Fixed asset
accounting

Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager
Fixed Asset
Accounting
Manager

Transfers of assets between businesses or business Fixed asset

locations are recorded, authorised and accounted for accounting
Lists of assets by business location or accountability Fixed asset
are periodically circulated to verify existence
accounting
Use a checklist and timetable

Fixed asset
accounting

Use a checklist and timetable

Fixed asset
accounting

Check data source conforms to regulations (both

company and legislation)

Fixed asset
accounting

Set up computer edit checks to highlight suspect

data, such as incorrect tax calculations)

Fixed asset
accounting

Data to be approved by tax or legal specialists, if

necessary

Fixed asset
accounting

Restrict access to input screens

Fixed asset
accounting

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Account for Fixed Assets

Duties for updating data are divided so as to ensure

no-one has responsibility for the entire transaction
cycle

Fixed asset
accounting

Exception reports to highlight unusual transactions

Fixed asset
accounting

Training of staff to include notifying senior

management of any suspicious activity

Fixed asset
accounting

A print of asset details & values input is obtained and Fixed asset
checked
accounting
Additions reconciled back to additions per accounting Fixed asset
system
accounting
Lists of assets by business location or accountability Fixed asset
are periodically circulated to verify existence
accounting
Lists of assets by business location or accountability Fixed asset
are periodically circulated to verify existence
accounting
Detailed asset descriptions are recorded on the
register and includes unique asset reference number,
asset location, date of acquisition
Assets are individually tagged and descriptions
verified

Fixed asset
accounting

Fixed asset
accounting
Lists of assets by business location or accountability Fixed asset
are periodically circulated to verify existence
accounting
Lists of assets by business location or accountability Fixed asset
are periodically circulated to verify existence
accounting
Quantity of assets is included in the detailed
description

Fixed asset
accounting

Quantity of assets is included in the detailed

description
The use of pooled assets is avoided unless sensible Fixed asset
or practical to do so
accounting
Lists of assets by business location or accountability Fixed asset
are periodically circulated to verify existence
accounting
Lists of assets by business location or accountability
are periodically circulated to verify existence
The register is logically organised to reflect business Fixed asset
organisations and reporting structures
accounting
The register records assets between plant and
machinery and computer equipment

Fixed asset
accounting

Staff are familiar with / trained in its use

Fixed asset
accounting

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Staff are familiar with / trained in its use

Edit checks to report inaccurate data

Account for Fixed Assets

Fixed asset
accounting
Fixed asset
accounting

Use data from a trusted source

Fixed asset
accounting

Edit checks to report inaccurate data

Fixed asset
accounting

Check data on system to data on source

Fixed asset
accounting

Check output is correct

Fixed asset
accounting

Feeder systems (e.g. purchase orders) should

provide all necessary data

Fixed asset
accounting

Edit checks to report missing data

Fixed asset
accounting

Check all required data fields on system are

completed

Fixed asset
accounting

Exception reports to highlight incorrect or missing

data

Fixed asset
accounting

Clear company policy, based on legislation, which

defines revenue and capital expenditure

Fixed asset
accounting

Checks to ensure correct classification input to

ordering system

Fixed asset
accounting

Exception reports to highlight excessive revenue

expenditure

Fixed asset
accounting

Clear company policy, based on legislation, which

defines revenue and capital expenditure

Fixed asset
accounting

Checks to ensure correct classification input to

ordering system

Fixed asset
accounting

Check that transaction is capital expenditure when

setting up asset

Fixed asset
accounting

Edit checks to detect data input into wrong period or Fixed asset
with incorrect dates
accounting
Exception reports to highlight data posted in wrong
period

Fixed asset
accounting

All items should have passed through procedures

Fixed asset
which checked they complied with tax, company and accounting
statutory regulations

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Account for Fixed Assets

Check data conforms to regulations (both company

and legislation)

Fixed asset
accounting

Set up computer edit checks to highlight suspect

data, such as incorrect tax calculations)

Fixed asset
accounting

Data to be approved by tax or legal specialists, if

necessary

Fixed asset
accounting

Restrict access to input screens

Fixed asset
accounting

Division of duties

Fixed asset
accounting

Exception reports to highlight unusual transactions

Fixed asset
accounting

Training of staff to include notifying senior

management of any suspicious activity

Fixed asset
accounting

When asset is entered into fixed asset system, check Fixed asset
classification is correct
accounting
Check set up data

Fixed asset
accounting
Exception reports to highlight depreciation outside
Fixed asset
expected values
accounting
Exception report lists assets not depreciating
Fixed asset
accounting
Reliant on computer programs to be correct
Fixed asset
accounting
Check total depreciation equals difference in
Fixed asset
cumulative
accounting
All data which affects the system balance to be input Fixed asset
via the system
accounting
Month end check of balances formally noted on a
Fixed asset
checklist
accounting
Daily checklists (or as appropriate) to ensure data is Fixed asset
transferred
accounting
The reconciliation between the FA register and GL is Fixed asset
prepared and/or approved by an individual
accounting
independent of the upkeep / maintenance of the
asset register.
The use of fixed asset suspense accounts is
avoided. When used they are regularly reviewed
and cleared.
Month end checklist to ensure all transactions
transferred from subsidiary ledgers to the GL
Only complete transactions to be posted (e.g.
invoices, fixed assets)
No adjustments (such as journals) should be made
without a clear audit trail to supporting documents

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Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting

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Periodic check of balances to ensure all items are

related to proper transactions
Periodic physical verification of fixed assets at least
once every two years which includes verification of
continuing economic use, current value and
predicted economic useful life
Periodic physical verification of fixed assets at least
once every two years which includes verification of
continuing economic use, current value and
predicted economic useful life
Discrepancies are investigated and fixed asset
register amended accordingly

Account for Fixed Assets

Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting

Regular housekeeping of register performed to

identify exceptions

Fixed asset
accounting

Register is regularly reviewed and updated for assets

affected by a permanent diminution in value or
revaluations
Exception reports to be produced showing overdue
items

Fixed asset
accounting

All items should have passed through checking

procedures which checked they complied with tax,
company and statutory regulations
Depreciation rates are set in line with Company
policy

Fixed asset
accounting
Fixed asset
accounting

Fixed asset
accounting
Changes to the cost of the asset are reflected in
Fixed asset
subsequent depreciation charges taking into account accounting
remaining estimated economic life of the asset.
Asset register is regularly reviewed for negative net
book values which are then investigated and
resolved.
Periodic physical verification of fixed assets at least
once every two years which includes verification of
continuing economic use, current value and
predicted economic useful life
Verification of assets held in storage and spares
locations

Fixed asset
accounting
Fixed asset
accounting

Fixed asset
accounting
Exception report of assets held at nil net book value Fixed asset
accounting
Exception report of assets held for an excessive time Fixed asset
accounting
Periodic physical verification of fixed assets at least Fixed asset
once every two years which includes verification of
accounting
continuing economic use, current value and
predicted economic useful life
Regular checks to confirm no loss (e.g. cash counts, Fixed asset
stock takes)
accounting
User testing of reports to ensure they achieve their
objectives

Fixed asset
accounting
The decisions to be made on receiving the report are Fixed asset
defined
accounting

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User testing of reports to ensure they achieve their

objectives

Fixed asset
accounting
Exception reports to highlight data outside expected Fixed asset
values
accounting
User testing of reports to ensure they achieve their
Fixed asset
objectives
accounting
Exception reports to highlight data outside expected Fixed asset
period
accounting
User testing of reports to ensure they achieve their
Fixed asset
objectives
accounting
Exception reports to highlight data outside expected Fixed asset
values
accounting
Password restricts access to system
Fixed asset
accounting
IT controls prevent direct access to files
Fixed asset
accounting
IT system logs access to files
Fixed asset
accounting
IT apply latest virus databases immediately on
Fixed asset
receipt
accounting
Database files are backed up daily
IT department
IT checks warn if databases become corrupted

IT department

Procedures to be used for restoring backed up files

are documented

IT department

Computer equipment is in a room with restricted

access

IT department

Computer room has automatic fire extinguishers

IT department

Computer equipment is in a room with restricted

access

IT department

Computer room is on a site with restricted access

IT department

Documents of title are adequately safeguarded and

controlled.

Asset holding
department
Asset holding
department
Security
Department

Assets are uniquely identifiable as belonging to the

business.

Location safeguards operate e.g. security guards,

locked doors, approval forms for the removal of
company property, access restricted outside working
hours.
Staff searches operate
Security
The provision of insurance is considered, and
discussed with Group Insurance department if
appropriate
Insurance levels are regularly reviewed.

1/10/2015 at 1:09 AM

Department
Insurance
Department
Insurance
Department

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Account for Fixed Assets

Business management identify which assets are key

to the ongoing conduct of the business in the short,
medium and long term.
Contingency arrangements are developed and
documented. These could include: - maintenance /
repair contracts; - use of alternative in house or third
party equipment ; - contracting out, etc.
Contingency arrangements are regularly tested
where assets are key to business continuity such as
computers and items of production equipment
Storage locations are appropriate to the asset (clean,
dry , right temperature)

Asset holding
department

Hierarchy of authority levels is in place and is

formally authorised.

Fixed asset
accounting

Details are made available to relevant personnel.

Fixed asset
accounting

Details are regularly reviewed and updated.

Fixed asset
accounting

A disposal form is completed, including written

authorisation.

Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting

Asset holding
department
Asset holding
department

Asset holding
department
Storage locations protect assets from damage
Asset holding
department
Where appropriate, assets are always used on a 'first Asset holding
in, first out' principle
department
Time limited assets are regularly inspected for
Asset holding
damage
department
Stocks of time limited assets are maintained at such Asset holding
a level so as to use them before the expiry dates
department

Disposals are notified to relevant individuals within

the business.
Assets are tagged
Detailed schedules of disposals are prepared,
checked and authorised and notified to fixed asset
accountant for updating to the register.
A standard disposal form is completed

Fixed asset
accounting

Justification for quote accepted is included on the

form

Fixed asset
accounting

Losses on disposal are investigated, including a

review of the appropriateness of depreciation rates

Fixed asset
accounting

Urgent disposals are avoided wherever possible by

planning ahead

Fixed asset
accounting

Where urgency is required such a reason is noted

Fixed asset
and approved as appropriate by a responsible official accounting

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Sales of assets are processed as a credit sale and

receipt of sale proceeds are monitored through
normal credit sales cash receiving procedures
Full information provided to the fixed asset clerk on
proforma disposal form which uniquely identifies
asset or group of assets to be removed
Report of all asset disposals produced from fixed
asset system and checked against disposal form

Account for Fixed Assets

Fixed asset
accounting
Fixed asset
accounting

Fixed asset
accounting
Appropriate amount of depreciation accumulated to Fixed asset
date of disposal
accounting
Register is regularly reviewed for redundant assets Fixed asset
accounting
Redundant assets are identified as part of the regular Fixed asset
physical verification of fixed assets exercise
accounting
All assets are uniquely tagged.
Fixed asset
accounting
Unique tag inspected on a regular basis
Fixed asset
accounting
Useful economic life of possible redundant assets
Fixed asset
critically reviewed.
accounting
All relevant individuals are notified of possible
Fixed asset
redundant assets in order that the most appropriate accounting
and value adding course of action can be taken
Alternative use is actively considered before an asset Fixed asset
is classed as redundant
accounting
Stocks of redundant assets, which should be kept to
an absolute minimum, are regularly reviewed for any
economic use
IT function is responsible for software, hardware and
communications are maintained properly
IT function is responsible for security of data
IT function is responsible for repairing software,
hardware and communications to maintain
operations
Accounts Payable function is responsible for
ensuring data is correct

Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting

Fixed asset
accounting
IT function is responsible for ensuring software is
Fixed asset
properly updated
accounting
Senior managers' responsibility to ensure sufficient Fixed asset
numbers of staff are available to properly support the accounting
business operations
HR have a succession plan in place for key staff
Senior managers' responsibility to ensure all staff
have sufficient training and knowledge to properly
discharge their responsibilities

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Fixed asset
accounting
Fixed asset
accounting

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Account for Fixed Assets

Monitoring
control

Monitoring
control owner

RRC

RRL

RRS

Monitoring control

Monitoring control owner

RRC

RRL

RRS

The strategy is signed

off by the Head of
Accounting Services

Head of Accounting
Services

The Finance Director

reviews all strategies

Finance Director

Targets are signed off

by the Head of
Accounting Services

Head of Accounting
Services

Targets are signed off

by the Head of
Accounting Services

Head of Accounting
Services

None

N/A

Fixed Asset
Department will check
as part of carrying out
their responsibilities
None

Fixed Asset
Department

N/A

None

N/A

None

N/A

Head of Financial
Accounts checks
manual is updated
None

Head of Financial
Accounts

N/A

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Account for Fixed Assets

None

N/A

Fixed Asset
Department will check
as part of carrying out
their responsibilities
Head of Financial
Accounts checks
manual is updated

Fixed Asset
Department

Head of Financial
Accounts

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Process

Example test of internal and

monitoring controls

Process

Internal control test

Fixed asset
accounting

Examine the written strategy. Is up-todate? Does it cover all topics such as IT
developments and staffing? Does it have
realistic financial figures?

Fixed asset
accounting

Are the risks to the strategy identified with

controls to manage them?

Fixed asset
accounting

Have written targets been set? Are these

linked to the achievement of the
objectives?

Fixed asset
accounting

Examine targets set for individuals. Are all

the top level targets assigned? Have the
individuals signed as approving their
targets? Has the Head of AS signed off
targets?
Question the staff during the audit. Are
they aware of the strategy and their part in
it?

Fixed asset
accounting

Examine the manual. Does it include all

items necessary to ensure the correct
accounting for fixed assets?

Fixed asset
accounting

The audit will check that all requirements

(legal, regulatory, company policy etc.) are
being followed

Fixed asset
accounting

Check formal procedures exist for the

referral of all appropriate expenditure to
relevant specialists

Fixed asset
accounting

Ensure any information provided to the

external auditors is complete and accurate

Fixed asset
accounting

Has the policy manual been updated when

necessary? Is there evidence of checking
by the Head of Finance?

Fixed asset
accounting

Do the tax, and other relevant

departments, carry out checks to ensure
their objectives are being met?

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Account for Fixed Assets

Test
Last result
schedule ref.

Test ref

Last result

Last Audit

Opinion

Year

LA opinion

LA year

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Fixed asset
accounting

Ask if staff have been trained in the latest

legislation and procedure changes. Is a
copy of any training material available?

Fixed asset
accounting

Examine the manual. Does it include all

items necessary to ensure the correct
accounting for fixed assets?

Fixed asset
accounting

Examine the manual. Does it include

updates for the latest legislation?

Fixed asset
accounting

Do the tax, and other relevant

departments, carry out checks to ensure
their objectives are being met?

Fixed asset
accounting

Examine bulletins to ensure they promptly

update appropriate staff with the latest
developments

Fixed asset
accounting

Examine bulletins to ensure they promptly

update appropriate staff with the latest
developments

Fixed asset
accounting

Check external review company policies

Fixed asset
accounting

Check monthly management account pack

to ensure all large variances are properly
explained

Fixed asset
accounting

Check the risk register exists for fixed

assets

Fixed asset
accounting

Check staff are aware of the need to

consider risk during the course of their
work

Fixed asset
accounting

At the end of the audit, check that any new

risks found were notified

Fixed asset
accounting

At the end of the audit, check that any new

risks found were notified

Fixed asset
accounting

If relevant, check any changes which have

been made to set up data back to an
authorised source

Fixed asset
accounting

If relevant, check any changes which have

been made to set up data back to an
authorised source

Fixed asset
accounting

If possible use CAATs to check set up data

is correct

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Fixed asset
accounting

Check all depreciation rates to company

policy manual

Fixed asset
accounting

Check a sample of standing data back to

source

Fixed asset
accounting

Check a sample of standing data back to

source

Fixed asset
accounting

Run CAATs to check standing data is

correct

Fixed asset
accounting

Check a sample of standing data back to

source

Fixed asset
accounting

Check a sample of standing data back to

source

Fixed asset
accounting

Run CAATs to check output is correct (or

check an output sample manually). E.g.
correct depreciation calculation

Fixed asset
accounting

Confirm computer edit checks (or manual

checks) ensure completeness of data

Fixed asset
accounting

Run CAATs to check for missing data (or

check an output sample manually)

Fixed asset
accounting
Fixed asset
accounting

Run CAATs to check for missing or invalid

locations (or check an output sample
manually)
Confirm lists are returned as proof of
checking

Fixed asset
accounting

Examine written procedures to ensure

correct cut-off

Fixed asset
accounting

Examine checklists and timetables, or

other documentation which ensures
objective is achieved

Fixed asset
accounting

Run CAATs to select data and check this

conforms to legislation (or check an output
sample manually)

Fixed asset
accounting

Observe input of standing data to ensure

incorrect input is rejected, or warnings
issued

Fixed asset
accounting

Where data should have been checked by

specialists, look for evidence of approval

Fixed asset
accounting

Obtain names of staff, including IT staff,

who have access to the system being
audited. Check that access is appropriate
and kept to that which is necessary

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Fixed asset
accounting
Fixed asset
accounting

Ensure that duties are divided between

staff such that no-one can set up fraudulent
data without it being detected by a second
person
Obtain exception reports, or run CAATs, to
highlight transactions such as disposal of
high vale items

Fixed asset
accounting

Check that formal procedures exist for

notifying senior management of any
suspicious activity and that these are
included in training
Examine the controls for ensuring assets
have been correctly set up, such as reports
authorised by management
Check that additions to the fixed asset
system are agreed to those posted to the
general ledger
Examine the reports to ensure all are
properly authorised

Fixed asset
accounting

Check that reports are regularly sent out to

all locations

Fixed asset
accounting

Check a sample of assets to ensure the

details uniquely identify the assets
concerned
Check a sample of assets from the register
to the physical asset

Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting

Fixed asset
accounting
Fixed asset
accounting

Account for Fixed Assets

Check that reports are regularly sent out to

all locations

Fixed asset
accounting

Examine the reports to ensure all are

properly authorised

Fixed asset
accounting

Check a sample of assets from the register

to the physical asset
Check a sample of assets from locations to
the register

Fixed asset
accounting
Fixed asset
accounting

Check the register for pooled assets

(typically desks, chairs, IT equipment)
Check that reports are regularly sent out to
all locations
Examine the reports to ensure all are
properly authorised

Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting

Examine the structure of the register to

confirm it reflects the structure of the
company
Examine the register to ensure it
categorises assets appropriately,
especially for reporting and tax purposes
Ask staff what training they have received

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Fixed asset
accounting
Fixed asset
accounting

Account for Fixed Assets

Examine training and procedure manuals

Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting
Fixed asset
accounting

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Adjusted inherent score

Gap

Factor

Sig

arc

arl

ars

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Account for Fixed Assets

Current
opinion on
risk

Page 90

Fixed Assets Audit Programme

Column key
No
L1obj

L1 Objectives
L1risk

L1 Risks
L2obj

L2 Objectives
L2risk

L2 Risks
L3obj

L3 Objectives
L3risk

L3 Risks
Objective type (COSO)
Consequence of risk
Risk source
IRC
IRL
IRS

Internal control
Function
Internal control owner
Monitoring control
Monitoring control owner
RRC
RRL
RRS
CS

Process
Example test
Test schedule ref.
Last result
Last audit opinion
Last audit date
Gap
Adj factor
Adj IRS

Audit Group

Last audit

Last audit number

Audit name
Last audit Budget
Last audit actual
Last timing
Last auditor

Current/Next audit

Last final report Target

Final report achieved
Next audit number
Next audit name
Next audit Budget
Next timing
Next auditor
Status
Next final report target
Next final report Achieved
Current opinion on risk

udit Programme
Line number. Needs resetting after each change. Used to sort spreadsheet.
Level 1 objective number
Level 1 objective
Level 1 risk number
Risk threatening top level objective
Level 2 objective number
Level 2 objective which aims to control the level 1 risk to which it is attached
Level 2 risk number
Risk threatening level 2 objective
Level 3 objective number
Level 3 objective which aims to control the level 2 risk to which it is attached
Level 3 risk number
Risk threatening level 3 objective
Operations, reporting or compliance
The effect when the risk occurs. Should ideally be quantified in cost terms.
Who identified the risk (management, risk workshop, auditor, meeting)
Inherent risk consequence score
Inherent risk likelihood score
Inherent risk scores multiplied. (Inherent Risk Significance score )
The control managing the risk
The function affected by the risk (may be the divsion/operating unit/function)
The job title of the person responsible for operating the control
The control which checks that the internal control is operating - may not always be
such a control
The person responsible for operating the monitoring control
Residual risk consequence score.
Residual risk likelihood score
Residual risk scores multiplied
Control score (=IRS-RRS). Gives a measure of the importance of the control
The process in which the internal control operates. See separate mind map of
processes.
Example of a test which might be used to confirm the control is operating
Reference number of the document detailing the test, or a link to it
Conclusion of last audit (acceptable/issues/unacceptable)
Conclusion of last audit (acceptable/issues/unacceptable)
Year of the last audit
Year of planned audit
Factor applied to the IRS depending on how many years ago the last audit took
place, and the result. ( See www.internalaudit.biz)
IRS X adj factor = adj IRS. Sorting on this score gives the priority order for the
associated audits

Letter(s) given in order to group several risks into one audit (if necessary). They
will not necessarily be in order, as new risks, with associated audits, will be added
and some may be removed
Unique number given to each audit. This is the number of the last audit to cover
this risk
Name given to the audit
Approximate number of auditor-days the audit should take. This aids resource
planning
Number of days the last audit actually required
Months/year of last audit
Names of principal auditors
Target date for producing report (from scope)
Date actually achieved for issuing final report
Unique number given to each audit. This is the number of the next audit to cover
this risk - if it has been allocated
Audit name. Will usually be the same as for the last audit, but could be different if
this risk has been included in another audit
Approximate number of auditor-days the audit should take - based on last audit's
actual time. This aids resource planning
Expected quarter/year of next audit - if it can be allocated
Name|(s) of auditors - if allocated
Status of audit (Planning/fieldwork/reporting) when it is in progress
Target date for producing report (from scope)
Actual date the final report was issued
The opinion as to whether the risk was being properly managed
(When the final report from "next audit", its details are moved into the "last audit"
columns

Fixed Assets Audit Programme

Flow chart
Set up
data

Purchase
ordering

Purchase
ordering
databases

Standing
data

Transaction
data

Reports

Set up
data

Fixed asset
system

Fixed asset
databases

Standing
data

Transaction
data

Reports

Set up
data

General
ledger
database

General
Ledger
system

Standing
data

Transaction
data

Reports

This flowchart only shows the main elements of the fixed asset process
and surrounding processes. Although it applies to computer systems, it
is applicable to manual systems, since both have the common elements
of data , processes and databases.
Flowcharts should be drawn up, as part of the walkthrough tests, in
order to understand the risk involved in the input, manipulation, storage
and output of data. Typical controls will include those to ensure the
accuracy, completeness and timeliness of input and output data and
data passing between computer systems.

Asset categories
Depreciation rates
Accounting calendar

Asset details
Locations

Asset values from

invoices
Monthly depreciation

Fixed Assets Audit Programme

Audit history
123

Audit number

Complete

Status (complete/in progress/to start)

2013

Planning year of audit

Budget
Draft scope written
First meeting with staff
Start of walk through tests
Scope finalised and issued
Risk workshop held
Audit tests started
Discussion of findings with management
Draft report issued
Draft report discussed
Final report issued
Report issued on first followup audit
Report issued on second followup audit (if required)
Report issued on third followup audit (if required)

Actual

06 March 2013
03 March 2013
14 March 2013
14 March 2013
18 March 2013
18 March 2013
28 March 2013
28 March 2013
03 April 2013
03 April 2013
08 April 2013
08 April 2013
29 April 2013
29 April 2013
06 May 2013
06 May 2013
10 May 2013
10 May 2013
14 March 2013
17 March 2013
19 July 2013
19 July 2013
16 September 2013 16 September 2013

Manager in charge
Auditor in charge
Auditors

Helen Smith
Fred Makle
Jim Brown
Trish Frederick

Time spent (hours)

Last audit opinion (acceptable/issues/unacceptable)

First followup opininion
Second followup opininion

250

Unacceptable
Issues
Acceptable

265

To start
2016

Budget

Actual

265

Fixed Assets Audit Programme

Company organisation chart for Finance

Finance
Director

Secretary

Head of
Financial
Accounts
General
Ledger
Manger

Head of
Management
Accounts

Financial
Accounting
Manager

Fixed Assets
Manager

Fixed Assets
Department

Head of
Accounting
Services
Payroll
Manager

Bank
Accounts
Manager

Finance
Director

Head of
Accounting
Services
Bank
Accounts
Manager

Head of Tax

Accounts
Payable
Manager

Accounts
Receivable
Manager
Credit Control
Manager

VAT Manager

Corporation
Tax Manager

oration
anager

Fixed Assets Audit Programme

Scoring risks

Advice on scoring risks (inherent and residua

1 to 5 scale
If the consequence when the OR the likelihood of
risk occurs is:
the risk occurring is:
A catastrophic impact on the
organisation, threatening its
existence

Almost certain

Cash at risk> 100,000,000

To prevent the organisation
Probable
achieving all, or a major part, of its
objectives for a long time.
Cash at risk <10,000,000
>1,000,000
To stop the organisation achieving Possible
its objectives for a limited period.
Cash at risk <10,000,000
>300,000
To stop the organisation achieving Unlikely
its objectives for a limited period.
Cash at risk <300,000 >10,000

4
Acceptable

Supplementary
Issue

20
Unacceptable

12
Issue

Unacceptable

Unacceptab

Possible (3)

10
Issue

3
Acceptable

Supplementary
Issue

9
Issue

12
Issue

Unacceptab

Unlikely (2)

Probable (4) Almost certain (5)

5
Supplementary
Issue

Rare

Unacceptable

2
Acceptable

4
Acceptable

Supplementary
Issue

1
Acceptable

2
Acceptable

3
Acceptable

4
Acceptable

Rare(1)

Likelihood of residual risk

To cause minor inconvenience,

not affecting the achievement of
objectives
Cash at risk <10,000

Unacceptab

10
Issue

Supplementa
Issue

Possible (3)

9
Issue

Unlikely (2)

Likelihood of res

Supplementary
Issue

2
Acceptable

4
Acceptable

Supplementary
Issue

1
Acceptable

2
Acceptable

3
Acceptable

4
Acceptable

Insignificant (1)

Minor (2)

Moderate (3)

Rare(1)

3
Acceptable

12
Issue

Major (4)

Unacceptab

10
Issue

Supplementa
Issue

Catastrophic

Consequence of residual risk

Risk score = Likelihood score X Consequence score
Unacceptable: Immediate action required to control the risk
Issue: Action required to control the risk
Supplementary issue: Action is advisable if it is cost-effective
Acceptable: No action required

ks (inherent and residual)

Then the measure is
defined to be:

Catatrophic (5)

Major (4)

Moderate (3)

Minor (2)

Insignificant (1)

nacceptable

Unacceptable

12
Issue

Unacceptable

9
Issue

12
Issue

Unacceptable

pplementary
Issue

Supplementary
Issue

10
Issue

3
cceptable

4
Acceptable

Supplementary
Issue

9
Issue

12
Issue

15
Unacceptable

pplementary
Issue

Supplementary
Issue

10
Issue

3
cceptable

4
Acceptable

Supplementary
Issue

oderate (3)

Major (4)

Catastrophic (5)

e of residual risk

X Consequence score

ired to control the risk

able if it is cost-effective

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