Suggest six control measures that would help reduce the control risk associated with tangible fixed assets

Auditing and Assurance Revision Questions and Answers

– Purchase of a tangible fixed asset should be authorized one person.
– Once acquired, there should be limited access to the asset i.e. only authorized personnel can gain access or use the equipment.
– Ensure asset is kept in good condition, repaired if needed and consistent depreciation methods applied.
– Ensure any transaction with respect to acquisition, disposal or modification of an asset is fully/completely recorded.
– Periodic comparison of recorded assets with existing assets.
– Ensure financial reporting frameworks and guidelines are followed in the disclosure and presentation of assets.



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