Fixed Asset Accountant Mock Interview
Master 30 Fixed Asset Accountant interview questions covering depreciation, capitalization policies, and reconciliations.
Question 25 of 30
What are some examples of internal controls that impact fixed assets?
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Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
Internal controls are rules or procedures that are put in place to protect financial and accounting information and to prevent fraud. Some are required by laws and regulations, while others are implemented to protect the company. Some internal controls that relate specifically to fixed assets include those that mitigate physical risks (verify the existence, condition and custody of fixed assets) and financial risks (keeping records of all asset purchases).
Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
"Internal controls are important for fixed assets. Some internal controls focus on mitigating physical risks, such as periodically verifying the existence and condition of fixed assets. Another set of internal controls focus on mitigating financial risks, such as keeping meticulous records of all fixed asset purchases. Having accurate fixed assets helps ensure a more accurate balance sheet, which is vital for any company."
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