Accounting

ASSET INVENTORY AUDITS: Benefits of an Automated Approach

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When you consider a company’s internal controls, audits of fixed assets are perhaps the most
routinely avoided. Audits of fixed assets are both infrequent and cumbersome. The quality of
the underlying data is often out of date and, for audit purposes, difficult to use. As a result, the
fieldwork becomes tedious and the reconciliation process inaccurate. Often the results are
viewed with suspicion. Not a pretty picture.
The process of auditing a company’s fixed assets can, however, be easily improved. Actions
taken by the accounting department and the auditor can dramatically change how audits of
fixed assets are conducted and greatly reduce the tedium associated with them. The following
will explore the present state of audits of fixed assets, as well as what changes can be made
to improve the process.

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Publisher

Arlington : Bloomberg BNA., 2012

Collation

1-7

Language

English

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NONE

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Subject(s)

Accounting

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