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1
Objective
• Ensure fixed assets (non current assets)
are fairly stated in the financial statements
• Ensure movement of NCA - additions and
disposals have been accounted for
• Ensure proper cost – installation, freight or
similar capital expenditure have been
accounted for in respect of acquisition of
assets
2
Audit Procedures
Management Audit objectives Audit
assertions of test of details procedures
of balances
Existence Existence Obtain FA listing
4 Agree relevant
figures with GL
5 Carry out physical
examination
6 Sight supporting
documents (title
deeds,
registration cards,
invoices, sales &
purchase
agreement, 3
minutes of BOD)
Audit Procedures
Completeness Completeness From FA listing carry
out physical
examination