One of the responsibilities of the directors of a company is to establish strong internal controls to safeguard the assets of the firm.Required:State the audit objectives of internal controls on fixed assets

The audit objectives of internal controls on fixed asset would be to ensure that the internal control objectives over fixed assets have been achieved. These objectives include:

i. Fixed assets are correctly recorded, adequately secured and properly maintained.
ii. Acquisitions and disposals of fixed assets are properly authorized.
iii. Acquisitions and disposals of fixed assets are for the most favourable price possible.
iv. Fixed assets are properly recorded, appropriately depreciated and written down where necessary.
v. Safeguard assets from misuse

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One of the responsibilities of the directors of a company is to establish strong internal controls to safeguard the assets of the firm.Required:State the audit objectives of internal controls on fixed assets

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