Practical Internal Audit Questions on Tangible Fixed Assets as follows:
Question 1
ALK Group Co faces problem of managing fixed assets, and non-current assets may lose.
Now shareholders of company requests internal auditors, accountants and admin officers corporate each other to make fixed asset management procedure for their company.
Required:
Make tangible fixed asset management procedure
Question 2
Recently company noted that two computers are not included in list of fixed assets controlled by admin offer. Company suspects that other fixed assets may be excluded in list of fixed assets.
If fixed assets are excluded from list, company will face risk of loss or fraud of fixed assets.
Required:
- For verifying completeness of fixed assets, you may require additional information for internal audit of fixed assets, list additional information that you will request from admin officer and related parties.
- You are required to make procedures for auditing fixed assets to make sure physical fixed assets are completeness with list of fixed assets.
Question 3
VBC Company is a big company that has many fixed assets, but they seem different between list of fixed assets and physical fixed assets.
Company assigned list of fixed assets controlled by admin manager.
The following extract of list of fixed assets for internal audit for June 2016 as follows:
| Type of Fixed assets | Units |
| Computers | 100 |
| LCD | 20 |
| Air conditioners | 70 |
| Printers | 40 |
| Photocopiers | 20 |
| Tables | 100 |
| Scanners | 30 |
Required:
- For verifying fixed assets existence, you may require additional information for internal audit of fixed assets, list additional information that you will request from admin manager.
- You are required to make procedures for auditing fixed assets to make sure physical fixed assets are existence.