| Audit Step | Audit Procedure | Perf. By | Date | Ref |
|---|
|
1 |
Provide a total of fully depreciated assets still in use |
FR |
02-27-2009 |
R-1 |
|
2 |
Total the file for cost |
FR |
03-03-2009 |
R-2 |
|
3 |
Obtain total accumulated depreciation |
HG |
03-09-2009 |
R-3 |
|
4 |
Total the file for net book value |
HG |
04-13-2009 |
R-4 |
|
5 |
Recalculate straight line depreciation figures by dividing cost by useful life |
HG |
01-11-2009 |
R-5 |
|
6 |
Obtain all acquisitions within the specified date range |
AFG |
03-10-2009 |
R-6 |
|
7 |
Stratify asset costs |
HG |
02-28-2009 |
R-7 |
|
8 |
Test Benford's law |
AFG |
03-02-2009 |
R-8 |
|
9 |
Obtain total costs for assets acquired during the 2006 fiscal year |
HG |
02-15-2009 |
R-9 |
|
10 |
Prepare a schedule of assets acquired during the current fiscal year |
FR |
04-03-2009 |
R-10 |
|
11 |
Prepare a schedule of the ten largest asset costs, in descending order |
SCD |
02-12-2009 |
R-11 |
|
12 |
Prepare a schedule of the five assets with the least cost, in ascending order |
FR |
03-10-2009 |
R-12 |
|
13 |
Identify items with a large Net Book Value (over $6,000) |
AFG |
01-30-2009 |
R-13 |
|
14 |
Prepare a schedule where the net book value is zero or negative |
HG |
02-02-2009 |
R-14 |
|
15 |
Test for dates outside the audit period (cutoff test). |
FR |
01-25-2009 |
R-15 |
|
16 |
Total fixed asset costs for amounts acquired outside the audit period (cutoff test). |
AFG |
03-28-2009 |
R-16 |
|
17 |
Prepare a schedule of inter-company asset transfers (identified using location = DSR) |
AFG |
04-08-2009 |
R-17 |
|
18 |
Extract items with zero or negative cost |
HG |
04-06-2009 |
R-18 |
|
19 |
Prepare a schedule of assets where depreciation exceeds cost |
AFG |
02-24-2009 |
R-19 |
|
20 |
Prepare a schedule of assets with useful lives or depreciation rates beyond set norms |
FR |
02-23-2009 |
R-20 |
|
21 |
Prepare a schedule of assets with useful lives exceeding 40 years |
SCD |
04-10-2009 |
R-21 |
|
22 |
Identify fully depreciated items and assets with a book value less than salvage. |
AFG |
02-10-2009 |
R-22 |
|
23 |
Obtain a round number summary report for asset costs |
HG |
03-14-2009 |
R-23 |
|
24 |
Prepare a schedule of assets installed or acquired on a holiday |
AFG |
02-07-2009 |
R-24 |
|
25 |
Prepare a schedule of assets installed or acquired on a weekend (Saturday or Sunday) |
SCD |
02-24-2009 |
R-25 |
|
26 |
Check for same location, life, different tag number tag number |
AFG |
02-02-2009 |
R-26 |
|
27 |
Perform Benford's law testing on cost amounts |
HG |
03-03-2009 |
R-27 |
|
28 |
Test for duplicate tag numbers |
HG |
03-29-2009 |
R-28 |
|
29 |
Check for numeric sequence gaps in tag numbers |
HG |
04-09-2009 |
R-29 |
|
30 |
Summarize asset costs by location and useful life and review to determine that the amounts are reasonable |
FR |
04-01-2009 |
R-30 |
|
31 |
Prepare a schedule of all acquisitions made between 11-2-2005 and 11-17-2005 |
SCD |
04-09-2009 |
R-31 |
|
32 |
Check for asset acquisitions indicated as installed on a federal holiday |
HG |
03-22-2009 |
R-32 |
|
33 |
Obtain a summary report of asset acquisitions made on a federal holiday |
SCD |
02-02-2009 |
R-33 |
|
35 |
Prepare a schedule of assets installed within two days of 11-3-2006 |
HG |
04-09-2009 |
R-35 |
|
36 |
Check for round numbers in acquisition cost |
AFG |
03-17-2009 |
R-36 |
|
37 |
Check for same asset tag number, same location, same cost |
FR |
03-20-2009 |
R-37 |
|
38 |
Test for transactions made between 3 and 6 a.m. |
HG |
03-01-2009 |
R-38 |
|
39 |
Compute estimated depreciation for assets with a cost amount > 5000 |
HG |
03-15-2009 |
R-39 |
|
40 |
Age acquisitions for the current fiscal year |
AFG |
03-01-2009 |
R-40 |
|
41 |
Obtain total accumulated depreciation |
HG |
01-22-2009 |
R-41 |
|
42 |
Stratify asset costs |
FR |
02-02-2009 |
R-42 |
|
43 |
Recalculate straight line depreciation figures by dividing cost by useful life |
SCD |
03-16-2009 |
R-43 |
|
44 |
Test Benford's law |
FR |
04-10-2009 |
R-44 |
