Internal Control of Fixed Assets: A Controller and Auditor's Guide (Wiley Corporate F&A) - Hardcover

King, Alfred M.

Hardcover

ISBN 10: 0470539402 ISBN 13: 9780470539408

Publisher: Wiley, 2011

Synopsis

For many companies, fixed assets represent the largest single aspect of their financial statement, yet rarely do they command time proportionate to the magnitude of the investment. This is the first book to show how to implement internal controls for fixed assets. It is a step-by-step guide for developing and maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and the PCAOB. With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs.

About this title

About the Author

ALFRED M. KING, CMA, is the Vice Chairman of Marshall & Stevens and the former chairman of Valuation Research Corporation, both of which are national firms of appraisers. In addition, he is the former chairman of the Accounting Committee of the Institute of Management Accountants. He speaks at various conferences (IMA, AICPA, NACVA) on valuation issues.

From the Back Cover

What's the big deal about fixed assets?

If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required?

As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:

• IFRS versus GAAP: what you must know
• Internal control, Sarbanes-Oxley, and the PCAOB
• Capitalization and expense of PP&E
• Depreciation for books and taxes
• Contingent assets and liabilities
• Internal auditing of PP&E

With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs, providing practical and proven advice on maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and, ultimately, the PCAOB. Get your existing system in order and stay far ahead of your competitors with the straightforward business analysis in Internal Control of Fixed Assets.

From the Inside Flap

What's the big deal about fixed assets?

If the PCAOB starts to review auditor work papers dealing with Property, Plant, and Equipment (PP&E) on a more intensive basis, will your organization be ready? What if fair value reporting for PP&E were required?

As timely as it is complete, Internal Control of Fixed Assets peels back the layers surrounding the often-complex topic of internal controls for PP&E. This nuts-and-bolts book provides authoritative, step-by-step guidance on developing a system of internal controls for fixed assets, covering:

• IFRS versus GAAP: what you must know
• Internal control, Sarbanes-Oxley, and the PCAOB
• Capitalization and expense of PP&E
• Depreciation for books and taxes
• Contingent assets and liabilities
• Internal auditing of PP&E

With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs, providing practical and proven advice on maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and, ultimately, the PCAOB. Get your existing system in order and stay far ahead of your competitors with the straightforward business analysis in Internal Control of Fixed Assets.

Edition details

• Publisher: Wiley
• Publication date: 2011
• Language: English
• ISBN 10: 0470539402
• ISBN 13: 9780470539408
• Binding: Hardcover
• Edition number: 1
• Number of pages: 208