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COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: Fixed Asset.
COSO ORGANIZATION LEVEL OF RESPONSIBILITY: BUSINESS UNITS AND ACTIVITY LEVEL

Carry out the monitoring activities on internal controls implemented in the organization as per listed below procedures and prepare an evaluation of internal controls and communicate the
deficiencies identified during the evaluation of internal controls. you can prepare an Internal Audit report for communicating the internal control deficiencies identified.

Objective:
1) Ensure that capital expenditure are justified and valid.
2) Ensure that all assets are properly identified and correctly recorded.
3) Ensure that determination of depreciation is in compliance with the company's policy as well as statutory requirement.
4) Ensure that all assets are appropriately recorded and disclosed according to the statutory requirement.
5) Ensure that all appropriate measures are taken for safeguard of assets.
6) Ensure that all assets are purchased for business purpose.
7) Ensure that disposal and write offs of respective assets are appropriately and accurately reflected.
8) Ensure that all assets are recorded in relevant financial period

Objective & I. C. Auditor Time Date Date Checked


Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks

Obtain a copy of the policy for capital


1.1
expenditure and its acquisition.

Obtain evidence that policy was


1.2
implemented for the period under review.

Verify that changes is being made in


1.3 accordance with policy and properly
authorized.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks
Obtain evidence of review done for
1.4
compliance with IFRS.

Select a sample of fixed asset


1.5
acquisitions made during the year.

Trace to the sample from fixed asset


1.6 ledger to ensure that all purchases are
matched and identified.

Verify that all purchases are made


1.7
through proper management approval.

Verify that fixed asset are purchased in


compliance with the company's policy
1.8
review that management has authorized
the purchases.

Discuss with management the policy


2.1 followed to verify the existence of assets
on a regular basis.

Review that the assets are checked and


2.2 verified on periodical basis in accordance
with the company's policy

Verify if any exceptions found are


properly documented and reasonable
2.3
measures has been taken to resolved
exceptions.

Discuss with management the policy


followed to verify the existence of assets
2.4
on a regular basis.

Select a sample of assets from the asset


2.5 register.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks

Trace the sample of assets from the fixed


asset register and ensure that the assets
2.6
are properly tagged and cross match with
the identification in the asset register.

Discuss with management regarding the


2.7 pledge of assets and obtain the list of
pledged assets.

Check that assets are pledged after


2.8 obtaining appropriate approvals from the
upper management.

Verify that the assets are pledged in


2.9 compliance with statutory and legal
regulations.

Discuss with management in respect of


plans to replace any key assets in the
2.10 future and ensure that future budgets
reflects appropriate estimation of the
replacing assets.

Check that assets are properly insured at


2.11
its replacement value.

Review the calculation of depreciation


3.1 and company's policy for charging
depreciation of assets.

Check that accounting treatment for


3.2 depreciation reflects consistency with the
prior year's treatment.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks
Obtain the fixed asset policy in relation to
3.3 useful lives and date of capitalization of
fixed assets.

Obtain and review the fixed assets


3.4
schedule for the period.

Check that the depreciation is calculated


3.5 accurately and in compliance with the
statutory regulations and as per IFRS.

Obtain and review the fixed assets


3.6
schedule for the period.

Select a sample of assets depreciation


and Performing Recalculation of
3.7 depreciation to ensure that depreciation
is appropriately calculated and reflected
appropriately in the financials.

Discuss with management regarding any


3.8 changes in the policy of asset acquisition
and depreciation.

Verify that all changes are in compliant


3.1 with IFRS and properly documented as
well as authorized by the management.

Obtain the policy for fixed assets and


4.1
examine for reasonableness.

Verify whether the policy is approved by


4.2
the appropriate personnel.

Interview management and determine


4.3 the methods used to prevent
unauthorized investments.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks
Perform testing to ensure unauthorized
access is prevented by comparing the list
4.4
of approved personnel who can invest
and with the access granted.

Obtain and verify whether the


management review the accounting of
4.5 fixed assets and check that proper
compliance of statutory requirement and
IFRS has been made.

Obtain the list of fixed assets for the


4.6
period under review.

Select a sample of fixed assets and


Verify if the asset is capitalized as per the
4.7
policy in place and are reviewed by the
management.

Verify the amount capitalized with its


4.8
supporting documents.

Verify the assets are capitalized from the


date of installation and there is
4.9
supporting documents for identifying the
date of installation.

Verify whether management has


reviewed the balances in the CIP
4.10
account and ensured that the assets are
appropriately classified.

Verify if the asset is accurately recorded


4.11
in the books of accounts.

Interview management if changes made


4.12 to master file are reviewed periodically
and reconciled with the General/Ledger.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks

Obtain evidence of the review performed


by the management and Verify the
4.13
reconciliation performed for any
particular period.

Select a sample of asset transfers and


verify that transfer is being supported
4.14
with appropriate documents and
authorized by management.

Discuss with management regarding the


policies for protection of fixed assets and
5.1
Review the policy and judge its
reasonableness.

Discuss with management in relation to


5.2 any loss/theft/damage to the fixed assets
during the period.

Verify that losses/theft/damage are


5.3
correctly recorded and disclosed.

Discussion with relevant staff in order to


ensure that all are aware and known to
5.4
their responsibilities for protection of
fixed assets.

Obtain a sample of employees and check


5.5 that how much they aware of their
responsibilities.

Discuss with relevant department about


5.6
insurance coverage of fixed assets.

Verify that all fixed assets in every


5.7 department are adequately and
completely insured.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks
Visit the client facility and observe
safeguards that are in place to protect
5.4 assets/accounting records such as
security cameras; restricted access
zones; locked doors etc.

Obtain the list of employees who have


5.5 access to such records and have proper
access authorization.

Check that the documentation (access


logs/registers) are maintained to
5.6 determine that any unauthorized access
attempted by employee during the period
of review.

Select an employees who do not have


access to such confidential information
5.7 and verify that is confidential data can be
accessed by them and document the
results.

Visit the facility and observe the physical


safeguards of fixed assets and its
5.8
protection (security cameras, restricted
access, fire alarms, etc.).

Discuss with departments about idle or


scrapped items in their possession which
have no continuing application in the
6 business or who have completed their
useful lives but are not disposed of in a
timely manner to recover investment
made in them.

Obtain a list of asset disposed off during


7.1
the year.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks
Select a transaction and verify that
7.2 disposal of asset is made through proper
management authorization.

Verify from the authorization matrix that


7.3 disposals are approved by the authorized
personnel from matrix.

Obtain a sample of disposals and write


7.4
offs made during the year.

Check that the disposal and write offs are


7.5 approved by authorized personnel from
authorization matrix.

Verify that those assets which have


7.6 future value are written off during the
year.

Obtain a list of all asset disposed off and


7.7
obtain relevant supporting evidence.

Check that the transaction are recorded


7.8 in the correct account head and
management has properly reviewed it.

7.9 Obtain a sample of asset disposals.

Check that the appropriate authorization


7.10 was obtained from management prior to
the disposal.

Verify that the sales proceed were


7.11
recorded accurately.
Objective & I. C. Auditor Time Date Date Checked
Questionnaire Ref. Audit Procedures WP Ref Initials Spent Expected Finished By: Remarks
Obtain a sample of asset disposals and
Check that the disposal of assets are
7.12
appropriately incorporated in the fixed
asset register.

Verify that the fixed asset registered is


7.13
review by management periodically.

Obtain a list of all asset disposed off and


7.14
obtaining relevant supporting evidence.

Check that the transaction is recorded in


7.15
the correct accounts head.

Verify that the gain or loss on disposal of


7.16
fixed assets are accurately account for.

Using the sample in 5.1, determine


whether the shipping personnel have
reviewed the supporting
7.17
documents/evidence prior to shipment to
ensure proper authorization from
management.

Obtain evidence that the asset accounts


8.1
are periodically reviewed.

Review reconciliations prepared for a


8.2 particular period and cross matched with
the general ledger.

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