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hello
can you please tell me the audit procedure you would perform on the transaction and the year end balance relating to the leased equipment and trucks?First you need to decide what assertions you need to verify (each assertion must be verified) then choose a way of collecting evidence about that.
There will be several transactions needed. For example
Balance sheet:
Existence – verified by inspection
Valuation – verified by lease documentation and recalculating the depreciation charge (assuming a finance lease).Transactions:
Occurence of lease payments: inspection of lease documentation and cash leaving the bank account.
Cur-off: by inspection and recalculation ensuring that the lease payments relate only to the year in question.and so on
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