The document is an audit programme for non-current assets for Sheridan AV for the year ending March 31, 2021. It outlines the audit assertions to be tested, including presentation and disclosure, accuracy/classification/valuation, rights and obligations, completeness and cut-off, and existence/occurrence. Tests are described to check the non-current asset balances, additions, disposals, depreciation calculations, and physical verification of assets. Issues were noted regarding presentation of figures and lack of information in depreciation reports. Subject to these matters, the auditor confirms non-current assets are fairly stated.

1. AUDIT PROGRAMME
NON-CURRENT ASSETS
Name of Client Sheridan AV
Year-end March 31,2021
Name of Auditor (s) Seth Harvey M. Hendeve
Aljuantone B. Consigna
Non-current assets are assets that are held for longer than one year for use in the entity’s
operations. Substantive testing should be carried out at year end on the Statement of
Financial Position to gain evidence regarding the following assertions:
 Presentation and disclosure
 Accuracy classification and valuation
 Rights and Obligations
 Completeness and cut off
 Existence or Occurrence
The following substantive tests were carried out on the non-current assets showing on the
Statement of Financial Position (see attached)
Audit Assertion Audit objective Test(s) to be carried out Details of testing Date and
signature
Presentation
and Disclosure
Non current
assets are
properly
identified and
classified in the
financial
statements
Disclosures
regardingcostor
valuation,
depreciation
methods and
useful lives are
adequate
Perform analytical
procedures:
Calculateratios
Analyseratio results
Check opening balances
to previous years
accounts to ensure
properly brought
forward
Check figures per the list
of non-current assets to
the financial statements
to ensure assets have
been extracted correctly
Enquire into assets
useful lives/residual
values to ensure
depreciation is
appropriate
The balances on the listof
non-current assets havethe
same amount listed on the
notes to financial
statements except for the
costbrought forward.
The presentation of other
data is not properly
arranged and are lacking
information specially on the
control number of sheets
and the date printed.
The appropriateness of the
disclosures presented
specially on the
depreciation report given
are lackingof information.It
may require a lot of time to
check the figures given on
the depreciation report due
to lackingof control number
and other information.
Septem
ber 15,
2020

2. Compare statement
presentation with
applicableaccounting
standards to determine
that non current assets
are properly identified
and classified in financial
statements
Determine
appropriateness of
disclosures relatingto
cost, valueand
depreciation methods
and useful lives of assets
Accuracy,
classification
and valuation
Rights and
Obligations
Non current
assets arestated
at costor
valuation less
accumulated
deprecation
The entity owns
or has rights to
the non current
assets at
Statement of
Financial Position
date
Check a sampleof
additions to freehold
land and buildings to
completion statements
to verify amount
paid/dateof acquisition
Check a sampleof
additions to plantand
equipment to invoices to
verify cost, nature
(classification)_of the
item and date of
acquisition
Re-perform calculation of
profit/loss on disposal
and agree sales proceeds
to cash records to ensure
calculated correctly
Sample check disposals
to documents supporting
disposal –VAT invoices,
agreements,
correspondence, minutes
etc for authorisation.
Re-perform depreciation
calculationsto ensure
correctly calculated and
in accordancewith
company policy
Base on the reviewed
sampleof additions to land
and buildings,the
statements have been
verified and the amounts
and items presented are
properly written with no
errors.
Base on he reviewed sample
of additions to plantand
equipment, there are no
errors found.
On the recalculation of
profit/loss on disposal and
agree saleproceeds to cash,
the amounts are correctand
presented accurately.
Calculationson the
depreciation arecorrectly
calculated and in
accordancewith the
company policy
Septem
ber 15,
2020
Completeness
and Cut off
Non current asset
balances include
all applicable
assets used in
operations atthe
Statement of
Financial Position
date
Check nature of the
items capitalised to
ensure only items of a
capital natureincluded in
non current assets by
reviewing repairs and
maintenance account
All items in the repairs and
maintenance accounts are
all non-currentassets in
nature.
Base on the review of the
minutes of evidence of
disposals,all authorized
Septem
ber 15,
2020

3. Trace a sampleof non
current assets to listof
non current assets to
ensure all assets included
Review minutes for
evidence of disposalsto
ensure that authorised
dispsoalshavebeen
recorded
disposalshavebeen
recorded.
Existence or
Occurrence
Recorded non
current assets
represent
productive assets
that are in use at
the Statement of
Financial Position
date
Physical existenceof
assets to ensure
1. Existence and in
working condition
2. stage of completion in
respect of assets in
courseof construction
Non-current assets thatare
not listed in the repairs and
maintenance are in good
working condition.
Septem
ber 15,
2020
From the audit work carried out I confirm that (*subject to the matters highlighted below)
in my opinion, non current assets are fairly stated.
Signed
SETH HARVEY M. HENDEVE
ALJUANTONE B. CONSIGNA
Auditor

4. Excerpt from Sheridan Audio Visual Limited
Statement of Financial Position
Note 1 - NON CURRENT ASSETS
Property F&F Plant and
Machinery
Computer
Equipment
Total
Cost b/fwd 1,225,000 290,000 560,686 87,500 2,163,186
Additions 750,000 165,000 26,400 941,400
Disposals (54,500) (54,500)
Cost c/fwd 1,975,000 455,000 506,186 113,900 3,050,086
Depreciation
b/fwd
361,225 139,125 335,171 76,965 912,486
Charge for year 39,500 47,381 53,627 19,247 159,755
Elimination on
disposal
(43,494) (43,494)
Depreciation
c/fwd
400,725 186,506 345,304 96,212 1,028,747
Net Book Value
at end of
period
1,574,275 268,494 160,882 17,688 2,021,339
Net book value
at beginningof
period
863,775 150,875 225,515 10,535 1,250,700
Depreciation
rate
2% cost 15% RB 25% RB 33% Cost