Audit Program Assignment Example | Topics and Well Written Essays - 500 words

Audit Program - Assignment Example 1. Obtain an understanding of the client’s policies and procedures with respect to capitalization and Depreciation methods used. 2. Obtain from the client a summary of fixed assets and related depreciation showing the following information: a. Classification of major classes of property such Delivery car, Workstation. Display case, Laptop and building b. Asset balances at the beginning of the year c. Asset additions during the year d. Retirements and disposals during the year e. Other changes during the year (reclassifications) f. Asset balance at the end of the year g. Depreciation method (Straight line ) and estimated depreciable live(economic lives) h. Accumulated depreciation balance at the beginning of the year i. Current year additions to aggregate accumulated depreciation accounts j. current year changes to accumulated depreciation accounts (reclassification) k. Accumulated balance depreciation at the end of the year 3 Add the net book value of the asset to the accumula ted depreciation if they add up to the cost of the asset at the beginning of the year.