controls

There are no specific rules – it will depend on the company’s policy. You would expect any company to be inspecting all significant items of plant and equipment (including vehicles) around the reporting date – to confirm their existence and condition (impaired?) and the accuracy of the non-current asset register which will record depreciation for the year and be reconciled to the balances in the general ledger accounts (which should agree to the carrying amount(s) in the financial statements).

Although individual non-current assets will generally cost more than individual items in inventory, they are less susceptible to theft because, for example, they are physically less portable (and may be immovable!) Also, by their nature, they are used in day-to-day operations – I think I would notice if I went into my office in the morning and my desk, PC and printer had been removed(!)
So there isn’t the same need to physically inspect assets on a more regular basis.

You’re most welcome!