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Asset Inventory Audits: Benefits of an Automated Approach

Sponsored By BNA Software

Topics:: Accounting; Budgeting & Planning; Compliance & Governance

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Abstract:: This white paper will explore the present state of audits of fixed assets, as well as, what changes can be made to improve the process. When you consider a company's internal controls, audits of fixed assets are perhaps the most routinely avoided. Audits of fixed assets are both infrequent and cumbersome. The quality of the underlying data is often out of date and, for audit purposes, difficult to use. As a result, the fieldwork becomes tedious and the reconciliation process inaccurate. Often the results are viewed with suspicion. Not a pretty picture. The process of auditing a company's fixed assets can, however, be easily improved. The requirement for conducting an inventory of fixed assets has not changed. What can change is how a company conducts an audit and the level of commitment it has to reducing risk and making the process more accurate and cost effective.

DETAILS

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Released: September 28, 2011

Length: 6 pages

Format: PDF (308 kb)

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