Property, plant and equipment additions for WIP/Projects

Client Substantiation File.
Information required Responsibility Completed Audit file reference
Work papers clearly documenting which ledger account codes combine to form each asset category in the financial statements.
A listing of all WIP projects showing the following:
  • Per project
  • Opening balance
  • Additions to WIP
  • Capitalised during the year
  • Expected completion date and percentage of completion

Access to project budgets and approval forms

Access to documents for projects completed and capitalised during the year