From January 1, 2022, RAS 6/01 is deemed invalid, and FAS 6/2020 (approved by the Order of the Ministry of Finance No. 204н dated 17/09/2020) will be mandatory for application instead. In this article we will consider how the audit of fixed assets is conducted according to the new legislation and what procedures it includes.
The audit of fixed assets includes the verification of operations connected with movement of fixed assets in order to assess the reliability of accounting records and compliance with rules. An important feature of the audit of fixed assets is the stock-taking of objects: full and random.
Purpose of the audit is to express opinion on reliability of accounting statements as regards the reflection of the fixed asset item and correct maintenance of accounts according to the law.
When carrying out the FA audit, the auditors check:
FAS 6/2020 “Fixed Assets” introduces many different concepts and provides organizations with the freedom of actions in certain situations.
Let’s consider the basic changes:
It should also be noted that in connection with application of new FAS 6/2020 “Fixed Assets”, the following changes will have to be introduced in accounting policy in 2022.
Sterngoff Audit offers the fixed assets audit service for enterprises from any sectors and foreign companies carrying out their business in Russia.
Upon completion of the audit the customer is provided with:
Conclusion based on audit results drawn up according to the current statutory requirements with consideration for the audit evidence obtained.
Sterngoff Audit team is also ready to help you with development of the accounting policy in connection with application of new standards. We will be glad to answer all of your questions by e-mail or by the phone specified at the web-site.
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