Fixed Assets (FAR) - Normal Controls

Question 1

FAR01

Answer 1

1. Is an annual count of fixed assets performed and reconciled to the fixed asset register with any assets no longer useful to the business identified and written down to nil value in the ledger?

Question 2

FAR07

Answer 2

1. In markets where capitalized leases are prevalent is there a documented and approved process to give assurance that all assets on capital leases are recorded as fixed assets?

Question 3

FAR08

Answer 3

1. Are pre numbered identification tags attached to all IT assets and to non-IT assets with NBV > USD5k on acquisition to facilitate accurate identification of assets and recording of details?

Question 4

FAR09

Answer 4

1. If internally generated labor costs are capitalized, is there documented review and approval that the amounts capitalized are in accordance with IFRS?

Question 5

FAR10

Answer 5

1. Where the company has an intangible fixed asset balance, is the treatment in line with IFRS, with documented review and approval by regional management on an annual basis that the balance is accurate and fairly valued?
   [This excludes goodwill on acquisitions where this is monitored by WPP.]