This sample questionnaire includes a list of items to consider when reviewing an organization’s fixed asset process controls.
This template provides several business activities and the related objectives for each control. Within the questionnaire, you can document the control attribute, whether the control exists, whether it was designed properly, related test procedures, whether controls are operating effectively, and more.
Example control objectives in this tool include:
Recorded fixed asset acquisitions represent fixed assets acquired by the organization
The purchasing department is involved in the purchase of fixed assets
Prior to the acquisition of any fixed asset, a capital authorization is obtained
Fixed asset acquisitions are accurately recorded in the appropriate period
Every fixed asset is assigned a fixed asset number and is physically tagged
All fixed asset acquisitions are recorded
There are established thresholds and authority limits for approving fixed asset purchase orders