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CPA-Audit-Program-Assets-subject-to-finance-lease - July 2017

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CPA-Audit-Program-Assets-subject-to-finance-lease - July 2017

Description

SUBJECT: ASSETS SUBJECT TO FINANCE LEASE


Objective:
A. Ensure that all assets subject to finance lease whether used in organization's operations or are under construction are appropriately represented tangible assets held under finance lease.
B. Ensure that and all assets subject to finance lease are adequately accounted for consistently on cost model.
C. Ensure that all additions acquired during the period under finance lease represents valid tangible assets.
D. Ensure that all depreciation, impairment expense and transfers or dispositions have appropriately been eliminated from the financials.
E. Ensure that all assets subject to finance lease, at book value, could reasonably be expected to be realized and have no effect of any impairment.

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Standard (Non-IT) Audit Program

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