Finding Text
2023 – 4 Depreciation Schedules - During the course of our audit it was noted that the depreciation
schedules were not completed, this led to a delay in the completion of the audit.
Criteria: Management should review all assets to ensure that depreciation expenses is calculating
properly and that live assets are applied consistently based on capitalization policy. The depreciation
schedule for should be updated quarterly at the very least to ensure that they are ready for the audit.
Cause: Unknown
Effect: Funds are not adequately representing a true reflection of the depreciating assets throughout
the year
Recommendation: A standard monthly entry would provide the financial statements with an
adequate representation of the depreciation expense per month.
Management Response: Management is going to keep up to date with its depreciation schedule and
monthly entry.