Auditing: describe the key internal control structure policies and procedures related to property and equip.?

Question

Also discuss key internal control structure policies and procedures related to additions, transfers, major maintenance and repairs, retirements, and dispositions as it relates to assessing control risk

Answer 1

Fixtures fittings and property are subject to depreciation write down annually in the balance sheet .Maintenance, repairs, replacements, are a charge against profits for tax purposes. If you have good craftsmen coming up to retirement age, get cover early so that you get continuation of solid labour. that will be part of your control risk. The other thing will be to ensure you cover all possible risks that you can insure against. Set  aside a good retirement fund.  

Answer 2

If you look at the steps in this audit program for PPE, you'll know what are the controls to look out for.