Terminology in audit evidence

This topic has 3 replies, 3 voices, and was last updated 8 years ago by Ken Garrett.

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February 28, 2018 at 2:10 pm #439391
camtuvu
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Could you explain what is the “schedule” of assets?

I have come across this term several times but still do not understand what it is.

I also see it in F8 revision lecture FS Assertions and Audit evidence
February 28, 2018 at 3:49 pm #439404
Ken Garrett
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A “schedule” of assets is really just a fancy list. For non-current assets for each asset it might consist of:

Description
Location
Identifying number (if one)
Date bought
Cost
Depreciation
NBV
February 28, 2018 at 8:54 pm #439438
Magdalena
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Thank you for the explanation, I also had the same question.
So register of assets and schedule of assets are 2 different things?
What about inventory records and inventory listing? Those 2 terms are used in the description of substantial procedures re. inventory.
Thank you in advance.
February 28, 2018 at 10:05 pm #439440
Ken Garrett
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Inventory records would usually refer to the information held during the year on a day-to-day basis. Inventory listing is a list of inventory at year end – perhaps a print-out from the records.
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