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A: A fixed assets audit is important to ensure the accuracy of a company's financial statements, prevent fraud and theft, and make sure that assets are being used efficiently and effectively.
A: The steps involved in a fixed assets audit typically include planning, identifying and listing assets, physical verification, valuation, reconciliation, and reporting.
A: A fixed assets audit is usually conducted by an internal auditor, an external auditor, or a team of auditors who specialize in fixed assets.
A: Some common challenges that arise during a fixed assets audit include inaccurate or incomplete records, difficulty in locating assets, lack of cooperation from staff, and valuation issues.
A: A company can prepare for a fixed assets audit by ensuring that all asset records are up to date, organizing asset information and documentation, conducting a preliminary physical inventory, and addressing any identified issues or discrepancies.
A: The frequency of a fixed assets audit depends on the size of the company, the complexity of its assets, and the risk of fraud or error. Typically, a fixed assets audit is conducted annually or biennially.