Suggest six control measures that would help reduce the control risk associated with tangible fixed assets.

      

Suggest six control measures that would help reduce the control risk associated with tangible fixed assets.

  

Answers


Wilfred
– Purchase of a tangible fixed asset should be authorized by one person.
– Once acquired, there should be limited access to the asset i.e. only authorized personnel can gain access or use the equipment.
– Ensure asset is kept in good condition, repaired if needed and consistent depreciation methods applied.
– Ensure any transaction with respect to acquisition, disposal or modification of an asset is fully/completely recorded.
– Periodic comparison of recorded assets with existing assets.
– Ensure financial reporting frameworks and guidelines are followed in the disclosure and presentation of assets.
Wilfykil answered the question on February 22, 2019 at 11:23


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