Common Audit Failures - Property, Plant & Equipment (PPE)

Common Audit Failures - Property, Plant & Equipment (PPE)

There is no evidence to attest to the performance of the following procedures as stated in audit findings for Property, plant and equipment (PPE)

  • Physical sighting of significant plants and equipment to ascertain their existence and condition

  • Sighting of the original title deeds and car registration cards to ascertain the ownership of properties and motor vehicles as of the reporting date.

  • Verification of sales proceeds and gain/ loss on disposal of PPE

  • Testing on the reasonableness of depreciation charge

  • Review of significant repair and maintenance accounts for capital items·Assessment of impairment on carrying value of property, plant and equipment.

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