Existence
Audit Objective
To ensure that recorded PPE assets physically exist.
Audit Procedures
The auditor may:
- Select items from the PPE register.
- Visit the company's premises.
- Physically inspect the selected assets.
- Check the serial number, asset tag and location.
- Confirm whether the asset is still being used.
Example
A company records 20 delivery vans. The auditor selects five vans from the register and inspects them at the company's parking area.
- Assertion tested: Existence
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