Importance Fixed assets account for a considerable part of non-current assets of the entity. This is the reason why users of financial statements need reliable and accurate information on the composition and structure of fixed assets, their market value, degree of obsolescence and physical wear and tear. Having reliable information available, managers can take timely and appropriate managerial decisions on reproduction of fixed assets, with external users making correct conclusions on the financial position of the entity. It indicates a need in specifying and improving methods for auditing transactions with fixed assets. Objectives The research aims at specifying the methods for auditing the accounting procedure and correctness of financial reporting on fixed assets, identifying the most common errors in accounting of fixed assets. Results The article provides methodological guidelines on evaluation of internal controls over transactions with fixed assets, and reveals main steps of auditing. I drew up forms of working papers, rules for their completion, determined and classified the most common errors in accounting of fixed assets. The article substantiates methods for planning audits of fixed assets by the item-and cycle-based approaches. In particular, I figure out cycles and interim cycles of business transactions with fixed assets, which laid the basis for preparing the audit program. Conclusions and Relevance The article may provide practical and methodological guidance for auditors to organize their audits of fixed assets per steps of their reproduction.
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