Syllabus C. Internal Control C3. Tests of control

C3b. Capital expenditure

Syllabus C3b)

Describe control objectives, control procedures, control activities, key controls and tests of controls 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