Go Audit Day 5

Day 5 saw the beginning of Component Validation session and first in line was Property,Plant and Equipment.We were given a dummy client and asked to Validate Fixed Assets.First we were asked as to which all statutes/standards we should be adhering to when seeing Fixed Assets,then we were asked to prepare a lead schedule and trace all the ledger balances with the financials.After lunch,we did control testing on Additions,Substantive analytical procedures for depreciation and test of details for FA Disposals(we were actually provided invoices in soft copy)..It was a very good learning experience and it was probably the most interesting day so far(i never felt sleepy,that in itself speaks the truth).Looking forward to more such sessions in the days to come..