Rights and Obligations
Audit Objective
To ensure that the company owns the asset or has a valid right to use it.
Audit Procedures
The documents inspected depend on the type of asset.
| PPE Type | Supporting Document |
|---|---|
| Freehold land and buildings | Title deed |
| Leasehold property | Lease agreement |
| Motor vehicles | Vehicle registration document |
| Machinery and office equipment | Purchase invoice |
| Leased assets | Lease contract |
These examples are also highlighted in the substantive procedures table in the uploaded slides.
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