This Capital Expenditure Audit Work Program is designed to enhance the effectiveness and efficiency of capital project audits. This tool empowers organizations to thoroughly assess their capital expenditure processes, ensuring compliance with internal policies and external regulations by providing structured guidelines and methodologies. It helps identify potential risks, evaluates the maturity of capital project processes, and fosters continuous improvement through insightful reporting and monitoring. This resource is essential for professionals seeking to optimize their audit practices while ensuring robust financial management.

This document includes two [SC1.1]samples of capital expenditure audit work programs, each tailored to address specific aspects of the auditing process. Sample 1 focuses on understanding and analyzing the activity surrounding capital projects, assessing internal controls and evaluating compliance with established policies. Sample 2 emphasizes the review of controls in the capital expenditure area, examining transactional analysis and risk monitoring. Each sample is designed to guide users through critical audit steps, enhancing their ability to manage capital expenditures effectively.

Audit steps include:

• Document the capital project infrastructure using key components of the infrastructure methodology.
• Gauge operating effectiveness through an analytical review of the capital project processes and controls noted above.
• Determine a plan for sampling a physical inventory for fixed assets, including geographical locations, asset classes and related confirmation procedures, where necessary.