Audit of fixed assets accounting: important aspects.

The fixed assets in the enterprise are the largest component of its assets, and the least it turns out to be. Accounting for the OS is associated with the accounting for such transactions as their acquisition, accrual of depreciation and retirement after the end of the period of use. In order to prevent the occurrence of errors and distortions, an audit of fixed assets accounting is carried out - checking the compliance of information on the OS, presented in the financial documents of the enterprise, with the real state of affairs.
Fixed assets pass through three main stages: the acquisition of the OS, associated with the formation of their initial value, the use during which the depreciation is charged, or, more simply, depreciation, and disposal, in which the enterprise sells the existing obsolete OS at a so-called residual value. It is also possible to move fixed assets - this term means moving the OS between different departments and production areas, their transfer from one subject to the internal structure of the firm to another. Since all OS objects have inventory cards and numbers, moving the OS object must be properly documented so that later there is no confusion with its location. Audit of the movement of fixed assets, as a rule, is included in the audit program of the OS and is an important part of it. Checking the correct documentary display of the motion of the OS will help not to get confused at the next stages of the test.
Audit of fixed assets accounting involves checking the following:

• The correctness of the acquisition of OS objects - it is necessary to make sure that all costs associated with its acquisition, delivery, installation, installation, preparation for start-up and operation are actually entered in the initial cost.
• Correctness of accrual of depreciation on OS objects - in this case it is necessary to check whether the method for calculating depreciation corresponds to the one specified in the order on the accounting policy of the enterprise published every year at the beginning of the year. It is also important to check whether depreciation is charged in the due time, whether intentionally accelerated depreciation is carried out on OS facilities with a view to their further sale at a deliberately low price.
• An audit of the disposal of fixed assets is the last step in checking the OS. This check involves the detection of violations when writing off objects of the OS and selling them at a residual value. This point is inextricably linked to the first two, because if the primary cost was incorrectly formed or the depreciation was incorrectly calculated, then, naturally, the residual value will be formed incorrectly and the object of the OS will be sold at the most likely low price, which will result in less profit for the enterprise. An audit of fixed assets accounting is absolutely necessary to analyze the latest transactions on the sale of OS objects and to reveal their legitimacy and compliance of selling prices.

The end of the OS accounting check ends, as usual, with the standard - writing a special letter. This letter describes how the audit of fixed assets was audited, which methods were used for verification, and what results were achieved. Based on this report (conclusion), the company's management can make its further decisions, realizing the real financial picture of the enterprise. The auditor is always fully responsible for the data that he submitted in his report, that is, his clients can file a claim against him in order to compensate for losses if the losses were caused by the negligence of the inspector. As a rule, such a case is fatal for the career of an unsuccessful auditor.