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Date : Name of Auditor: Name of Reviewer: Area: Objective: Reference:

12/10/2012 K.M. C.K. Assets Existence, Valuation, Completeness, Rights and Accuracy A1

Work done: 1. 2. 3. 4. 5. 6. 7. 8. Collected a list of all assets from the Statement of Financial Position Calculated depreciation Checked additions(new) and disposals(sold, scrapped) Checked the arithmetic reperformed the addition of the total Picked a sample Asked to see them Checked the minutes to see if they were authorized disposals and purchases Etc

Results: 1. 2. 3. 4. We could not find 3 chairs on the assets register The figure was immaterial Recommendation the Assets Register must be better managed. So assets are overstated

Conclusion

It seems the assets figure in the statement of financial position is correct. There were no big problems except the three missing chairs. This was immaterial so it will not change our overall opinion of assets.