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Fixed Assets Internal Audit Checklist

A risk-and-control checklist for the fixed-asset cycle — capex approval, capitalisation, physical custody and depreciation — with space for your own test results.

Free · CORAA original — SA-aligned
Updated 28 Jul 2026
Standard
SIA 220 / SIA 330
Cycle
Fixed Assets
Depreciation basis
Companies Act 2013, Schedule II
Format
Microsoft Word (.docx)
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What’s inside

An excerpt from the template.

FIXED ASSETS — INTERNAL AUDIT CHECKLIST

Entity: ___ · Period: ___

Scope: the fixed-asset cycle — capex approval, capitalisation, physical custody, and depreciation. Prepared per SIA 220 and SIA 330.

Risk & Control Matrix

↑ Excerpt only — the full template is what you download as Word
About this template

What you’re downloading, and when to use it.

This template follows the format published by the Institute of Chartered Accountants of India (ICAI) in the AASB Audit Working Paper Templates (June 2023), the authoritative reference for Indian statutory-audit documentation. Fill in your firm’s letterhead and the engagement details on the form above, click Download Word file, and you’ll get a fully formatted .docx ready to use.

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Common questions

FAQs.

How often should physical verification of fixed assets be performed?
There is no single mandated frequency, but a risk-based cycle is standard practice — high-value or portable assets (IT equipment, vehicles) verified annually, and the full asset base verified at least once every 2-3 years, with any material variance investigated and reconciled to the register at the time it is found, not deferred to year-end.
What is the practical effect of getting the capitalisation threshold wrong?
Too low a threshold capitalises what should be expensed (understating current-period expense, overstating profit); too high a threshold expenses what should be capitalised (the reverse). Either way it misstates both the balance sheet and the P&L, and a threshold that is inconsistently applied across similar items is itself a control finding, independent of any specific misstatement found.
How does this checklist relate to Schedule II useful life?
Schedule II of the Companies Act 2013 prescribes useful-life bands (with a mandated maximum residual value of 5%) that depreciation must be based on unless a longer/shorter life is technically justified and disclosed. The checklist tests whether the entity actually maintains a register mapping each asset class to its Schedule II band and reviews it periodically, not just whether depreciation was calculated at all.
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