The attached Fixed Assets Audit Work Program outlines the process of auditing fixed assets  to ensure accurate capitalization, depreciation and accounting. The primary goal of this audit program is to maintain the integrity of financial statements. The document includes six samples, each with specific procedures and steps.

Sample 1 outlines the initial understanding of fixed assets, emphasizing policies on classification, useful life determination and depreciation calculation. It includes tasks such as reviewing acquisition accounting, understanding capitalization, and ensuring the existence and utilization of assets. Sample 2 focuses on planning and fieldwork, including conducting planning meetings, understanding previous audits, reviewing policies, and developing a risk profile. Sample 3 delves into understanding processes and conducting interviews, including preparing process maps, obtaining relevant policies, and determining the scope of the audit. Sample 4 addresses the verification of property existence, ownership, and proper recording of additions and retirements. It includes obtaining schedules of property, plant and equipment, and ensuring that depreciation methods are consistently applied. Sample 5 focuses on detailed procedures for physical verification of assets, spare parts inventory and fixed asset detail testing. It includes preparing workflows, reviewing policies and ensuring compliance. Finally, Sample 6 emphasizes the review of capital asset management policies and procedures, including asset procurement, tracking, monitoring, recording, reporting, disposal and depreciation. It involves conducting entrance meetings, interviews and fieldwork.

Project work steps include:

• Conduct a planning meeting to discuss scope, approach and timing.
• Determine the appropriate auditee contact.
• Determine if an internal audit of this area has been done previously.
• Obtain and review the policies and procedures for the property.