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Fixed Assets Audit Template

This template can be used by in-house fixed assets accountants and third-party auditors to ensure that the business is maintaining proper records of fixed assets, depreciation of fixed assets are properly calculated, and accounting standards are complied with.
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Fixed Assets Audit Template

Audit

Fixed Assets Policy and SOPs

A clear policy and standard operating procedures regarding handling, and recording of fixed assets are documented.
The document includes the personnel responsible including their assignments.
Asset
Take a photo of the asset for physical evidence
Asset is tagged with asset number?
Year of acquisition
Sufficient description of the asset for identification
Classification (land, building, equipment, machinery, etc)
Quantity/no. of units
Location of asset(s)
Vendor
Original cost upon acquisition (per unit) including taxes paid and set-up costs
Invoice available?
Current value (considering depreciation estimates)
Asset is currently insured?
Additional notes
Auditor's full name and signature
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