FEATURES OF THE AUDIT OF FIXED ASSETS

ABSTRACT

An audit of operations with fixed assets is an important part of an audit of the financial and economic activities of an economic entity. This article reveals the methodology, goals and objectives of the audit of fixed assets, the main sources of information and the stages that this procedure includes. Also considered the most common errors during the audit of fixed assets.

Keywords: audit, fixed assets, availability, documents, inventory, distortions, errors, procedures, information, reliability, reporting.

For the effective implementation of its activities, attracting investment, objective and correct financial management, it is necessary to correctly reflect information in the balance sheet and management reporting. This, in turn, is achieved by internal control systems and audit.

When auditing fixed assets, the auditor is based on the Accounting Regulations "Accounting for Fixed Assets" PBU 6/2001, as well as on the internal local acts of the organization, including the accounting policy of the enterprise.

To obtain audit evidence and form his professional opinion, the auditor can use the following sources of information: balance sheet, general ledger, accounting registers, order on the accounting policy of the organization, acts of inventory, inventory records, invoices and invoices, acts of acceptance transfer of a fixed asset, acts of writing off a fixed asset, inventory cards, etc.

An audit of fixed assets can be divided into several areas of verification:

1) recognition of an asset as a fixed asset;

2) reflection of information about the asset in the primary documentation;

3) calculation of the actual cost and depreciation;

4) implementation, modernization and revaluation of the object of fixed assets.

At the first stage of the audit of fixed assets, it is necessary to check whether the fixed assets reflected on the company's balance sheet meet the criteria for recognizing fixed assets:

- the object is used in the manufacture of products or in the performance of work or the provision of services;

- this property was not purchased for resale;

- the object brings economic benefits to the company;

- the object is intended for long-term use (over 12 months).

It is necessary to check the proper execution of documents confirming the rights to fixed assets. Check if OKOF, useful life is correctly reflected in the inventory card and in OS-1. Make sure that the fixed asset is registered in the same reporting period as for the primary documents.

Additionally, on the basis of primary documents, check the correctness of the reflection, the formation of the actual value of the fixed asset.

It should be noted the impact of the contract for the sale of fixed assets. For example, under a contract, the right to transfer ownership of an asset - the fixed asset is produced at the buyer's warehouse. The appendices and the contract itself do not state that the cost of the asset includes delivery to the buyer's warehouse. As a result, if the seller refuses to pay for delivery to the warehouse and the buyer undertakes this obligation, he may have questions with the tax. Indeed, in this case, it turns out that the company at its own expense delivered someone else's asset to its warehouse. Thus, it is risky to take these costs into the cost of a fixed asset or as operating costs. In order to avoid this situation, it will be sufficient to indicate that the transfer of ownership takes place at the seller's warehouse.

In the case of purchasing a fixed asset on credit, it is necessary to check that the interest on this loan is accounted for in account 91.2 ("other expenses"), and not in the value of the asset. Except in cases where the fixed asset is recognized as an investment asset: in this case, interest will be accounted for in the value of the fixed asset.

The method of calculating depreciation on fixed assets must be spelled out in the accounting policy and actually correspond, i.e. if the accounting policy provides for the accrual of depreciation on a linear basis, but in fact the company charges in proportion to the volume of production, this will be considered a violation.

If there are fixed assets on the balance sheet of the company, it is necessary to confirm that measures have actually been taken to ensure their safety.

Circumstances sometimes arise in which companies decide to sell or liquidate items of property, plant and equipment. These two processes involve documentation:

When selling, it is necessary to draw up an agreement for the sale of the object and an act of acceptance and transfer, as well as reflect this operation in the accounting in the reporting period in which the sale took place;

In the event of the liquidation (disposal) of a fixed asset, it is assumed that inventory items (for example, scrap) will remain after the fixed asset item. These goods and materials value must be reflected in the accounting, on the date of their actual receipt.

When auditing fixed assets of an organization, typical violations can be:

- capitalization of fixed assets is untimely;

- the initial cost was incorrectly calculated;

- the use of incorrect entries on accounting accounts;

- there is no analytical accounting for types of fixed assets.

Upon completion of the audit, all the results of the performed audit procedures should be reflected in the working documents of the auditor. It:

- explanations and statements of employees on the issues of checking fixed assets;

- copies of primary documents on business transactions with fixed assets;

- acts, certificates;

- inventory lists;

- accounting registers;

- financial statements.

References:

1. Federal Law “On Auditing” dated December 30, 2008 No. 307-FZ ((as amended by Federal Law No. 185-FZ dated 02.07.2013);
2. AS 1/2008 "Accounting policy of the organization"
3. AS 4/99 "Financial statements of the organization"
4. AS 6/01 "Accounting for fixed assets"
5. Shirokov S.I. Intrafirm standard - methodology of auditing "Features of the audit of equity capital of commercial organizations" // Audit and financial analysis. 2008. No. 5. p. 40-42.