7. Taking a Physical Inventory

  1. Alfred M. King

Published Online: 20 DEC 2011

DOI: 10.1002/9781118269107.ch7

Internal Control of Fixed Assets: A Controller and Auditor's Guide

Internal Control of Fixed Assets: A Controller and Auditor's Guide

How to Cite

King, A. M. (2011) Taking a Physical Inventory, in Internal Control of Fixed Assets: A Controller and Auditor's Guide, John Wiley & Sons, Inc., Hoboken, NJ, USA. doi: 10.1002/9781118269107.ch7

Publication History

  1. Published Online: 20 DEC 2011
  2. Published Print: 21 FEB 2011

ISBN Information

Print ISBN: 9780470539408

Online ISBN: 9781118269107

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Keywords:

  • generally accepted auditing standards;
  • public company accounting oversight board;
  • property, plant, and equipment;
  • physical inventory;
  • property record

Summary

This chapter contains sections titled:

  • Planning and Using the Physical Inventory

  • Who Should Be Responsible?

  • Use Own Staff, or Outsource?

  • What Minimum Dollar Cutoff Should We Use?

  • Initial Effort–Partial Facility versus Total

  • The $64,000 Question—Assets to Listing or Listing to Assets?

  • Reconciliation of the Inventory to the Records

  • Fully Depreciated Assets

  • Reconciliation Process

  • Revised Asset Lives

  • Summary

  • Note