The document outlines the audit program for non-current assets of Sheridan AV for the year-end December 2021, detailing the substantive tests conducted to verify various audit assertions, including presentation, disclosure, accuracy, rights, obligations, completeness, and existence. It concludes that while most non-current assets are properly valued and presented, certain corrections and improvements in data presentation are needed. The audit findings confirm that internal controls are effectively implemented, and the non-current assets are largely fairly stated.

1. AUDIT PROGRAMME
NON-CURRENT ASSETS
Name of Client Sheridan AV
Year-end December 2021
Name of Auditor (s) Adanza, Andrea
Baje, Jewel AD
Boaquina, Honey May
Calagui, Mary Joy
Escopete, Debbie Jane
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
The opening balances of the
accounts arerecorded
properly.But the cost that
was brought forward is not.
The data presented is not
complete and the date
printed was not stated. The
control number in the
sheets are missing.
The calculation of
depreciation needs to be
presented. The methods
that they areusingmust be
shown in the notes and the
correct valuation of
accounts must be detailed
and measured reliably.

2. values to ensure
depreciation is
appropriate
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
To verify the amount
paid/dateof acquisition of
the land and buildings,
samples aretaken and
based on that sample,the
land and buildings hasa
correct valuation of
accounts.
Based on the item and date
of acquisition,the item was
recorded properly.
The profit/loss on disposal
agree to sales proceeds and
cash records.This means
that profit/loss valuation is
recorded properly.
The disposalsand VAT
invoices corresponds to the
minutes for authorisation.
This means that internal
control is properly
implemented.
In the recalculation of
depreciation,itis correctly
presented and it’s in
accordancewith the
company policy.
Completeness
and Cut off
Non-current asset
balances include
all applicable
assets used in
operations atthe
Check nature of the
items capitalised to
ensure only items of a
capital natureincluded in
non current assets by
Based on the investigation,
in the repairs and
maintenance account,it is
composed of all non-current
assets.

3. Statement of
Financial Position
date
reviewing repairs and
maintenance account
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
On the review of the
minutes for evidence of
disposal,itis ensured that
the authorized disposals
have been recorded
accurately.
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
The non-current assets that
is not partof repairs and
maintenance are still useful
and in good condition
From the audit work carried out I confirm that non-current assets are properly valuated
subject to corrections and accurate data presentation, in my opinion, non-current assets are
fairly stated.
Signed
ANDREA ADANZA
JEWEL AD G. BAJE
HONEY MAY A. BOAQUINA
MARY JOY M. CALAGUI
DEBBIE JANE L. ESCOPETE
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