Page 158 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori

3. Matters to be included in the auditor's report -
i) (CNO CARO.040) Fixed Asset.
Record Maintenance: The company should maintain accurate records that fully detail the particulars, including
quantitative details and the situation of its Property, Plant, and Equipment. The company should maintain
detailed records that fully disclose the particulars of its intangible assets.
Physical Verification: The Property, Plant, and Equipment should be physically verified by the management
at reasonable intervals, and any material discrepancies noticed should be properly accounted for in the books.
Title Deeds: The auditor should confirm whether the title deeds of all immovable properties, as disclosed in the
financial statements, are held in the name of the company, excluding leased properties where the company is
the lessee and the lease agreements are executed in Favor of the lessee. If not, the details should be provided in
the specified format.
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