Internal Control of Fixed Assets: A Controller and Auditor's Guide

  • 4h 10m
  • Alfred M. King
  • John Wiley & Sons (US)
  • 2011

What's the big deal about fixed assets?

If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required?

As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:

  • IFRS versus GAAP: what you must know
  • Internal control, Sarbanes-Oxley, and the PCAOB
  • Capitalization and expense of PP&E
  • Depreciation for books and taxes
  • Contingent assets and liabilities
  • Internal auditing of PP&E

With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs, providing practical and proven advice on maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and, ultimately, the PCAOB. Get your existing system in order and stay far ahead of your competitors with the straightforward business analysis in Internal Control of Fixed Assets.

About the Author

ALFRED M. KING, CMA, is the Vice Chairman of Marshall & Stevens and the former chairman of Valuation Research Corporation, both of which are national firms of appraisers. In addition, he is the former chairman of the Accounting Committee of the Institute of Management Accountants. He speaks at various conferences (IMA, AICPA, NACVA) on valuation issues.

In this Book

  • Internal Control, Sarbanes-Oxley, and the Public Company Accounting Oversight Board
  • Capitalization Versus Expense
  • Asset Life Cycle—Controls and Software
  • Depreciation and Amortization for Books and Taxes
  • Impairment Testing
  • Physical Control of Property, Plant, and Equipment
  • Taking a Physical Inventory
  • Reconciliation of Physical Inventory to Accounting Records
  • Fixed Assets in a Business Combination
  • Insurance for Fixed Assets
  • Property Taxes—Personal Property and Real Estate
  • Developing the Fair Value of Fixed Assets
  • Control of Fixed Assets Under International Financial Reporting Standards
  • Component Depreciation for Buildings