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#850071 - 11/06/07 09:10 PM Fixed Assets Audit
dach Offline
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Does anyone have some work papers for a fixed asset audit that they would be willing to share? Thank you in advance.

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Audit
#850239 - 11/07/07 01:38 AM Re: Fixed Assets Audit dach
rlcarey Offline
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auditnet.org has a couple of samples. You have to register, but it is free.
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#864869 - 12/03/07 04:52 PM Re: Fixed Assets Audit rlcarey
dach Offline
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Can anyone tell me if it is required to remove an asset from a depreciation list if the item is no longer on the premises? Also, how do other community banks track there assets? Do most banks have a separate asset and depreciation list? I would love to hear any thoughts on this subject.

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#865015 - 12/03/07 07:04 PM Re: Fixed Assets Audit dach
RR Jen Offline
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This is a sore subject with me.

I cant tell you if it's required or not (I would presume yes), but I know we have items on our list (that were fully depreciated a long, long time ago) that I seriously doubt we still have at any location.

We use our depreciation listing as an asset list. But due to consolidations/mergers/etc. there is a lot of stuff on there that I know isnt at the original location any more (if even still in use). I've recommended an inventory the last two years in a row (usually repeat audit recommendations get their attention).
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#865016 - 12/03/07 07:06 PM Re: Fixed Assets Audit RR Jen
RR Jen Offline
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A disclaimer...I would presume it was required to remove items from the depreciation listing but yet I'm the only one that has made the recommendation. The tax CPA, external auditors, and OCC haven't said a word.
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#865099 - 12/03/07 08:02 PM Re: Fixed Assets Audit dach
A_G Offline
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Originally Posted By: dach
Can anyone tell me if it is required to remove an asset from a depreciation list if the item is no longer on the premises? Also, how do other community banks track there assets? Do most banks have a separate asset and depreciation list? I would love to hear any thoughts on this subject.


Where is the item? Is the asset still in use? Has it been fully depreciated?
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#865124 - 12/03/07 08:22 PM Re: Fixed Assets Audit A_G
dach Offline
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The items have been sold/removed from premises. Many of the assets are not still in use. Some of them have been fully depreciated and some have not.

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#865129 - 12/03/07 08:25 PM Re: Fixed Assets Audit dach
Jokerman Offline
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Originally Posted By: dach
some have not [been fully depreciated].


!!!

Talk about burying the lead!

oops - think that's "lede"
Last edited by Tom Thumb; 12/03/07 08:26 PM.
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#865132 - 12/03/07 08:27 PM Re: Fixed Assets Audit A_G
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
We leave everything that is an asset on the depreciation list because we keep one list. (It's easier that way!) We have one source document for date of purchase and value. The depreciation side of the spreadsheet just tracks how much depreciation in what year and the basis of the depreciation.

As for the non-premises items....we have some of those. Each non-premises item is tagged as such on the spreadsheet. I sample those in the audit and make sure they still exist.

Items no longer on the list are sold or disposed items.

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#865137 - 12/03/07 08:32 PM Re: Fixed Assets Audit dach
Cornfed Turtle Offline
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"...Somewhere in Middle Americ...
More posts while I was typing - - -

Part of your audit should be to check the math on those disposals if they weren't fully depreciated at the time of sale. Was that part of the question?

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