Syllabus C: Internal ControlC3. Tests of control

C3b. Capital expenditure

Syllabus C3b)

Describe control objectives, control procedures, activities and tests of control in relation to: vi) Non-current assets

Tests of Control – Capital Expenditure

These include:

  • Ensure authorised by senior management

  • The asset register includes invoice for the purchase, location, value etc

  • The existence of the assets should be checked on a regular basis

  • The documents confirming the ownership of the assets should be kept safe in a fire proof environment