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COSO Internal Control Framework (C5) Monitoring Control Activities Fixed Assets - February 2016

Name

COSO Internal Control Framework (C5) Monitoring Control Activities Fixed Assets - February 2016

Description

COSO - Integrated Internal Control Framework
COSO CONTROL COMPONENT: MONITORING CONTROL ACTIVITIES
COSO PRINCIPLE NO. 16 & 17
COSO CONTROL OBJECTIVE: Fixed Asset.
COSO ORGANIZATION LEVEL OF RESPONSIBILITY: BUSINESS UNITS AND ACTIVITY LEVEL

C5. Control activities should be designed as an integral part of the organization, taking into consideration its objectives, the risks to their achievement, and the inter-relatedness of the control elements.

Carry out the monitoring activities on internal controls implemented in the organization as per listed below procedures and prepare an evaluation of internal controls and communicate the deficiencies identified during the evaluation of internal controls. you can prepare an Internal Audit report for communicating the internal control deficiencies identified.

Objective:
1) Ensure that capital expenditure are justified and valid.
2) Ensure that all assets are properly identified and correctly recorded.
3) Ensure that determination of depreciation is in compliance with the company's policy as well as statutory requirement.
4) Ensure that all assets are appropriately recorded and disclosed according to the statutory requirement.
5) Ensure that all appropriate measures are taken for safeguard of assets.
6) Ensure that all assets are purchased for business purpose.
7) Ensure that disposal and write offs of respective assets are appropriately and accurately reflected.
8) Ensure that all assets are recorded in relevant financial period

Standard (Non-IT) Audit Program

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