Our Other Assets Audit Work Program template can be used to evaluate and ensure the integrity of "other assets" in financial statements. This audit program outlines essential audit objectives, including understanding the nature and classification of various other assets such as prepaid expenses, deferred costs and intangible assets. It emphasizes the importance of establishing robust controls over the approval process, maintaining subsidiary ledgers, and conducting periodic reconciliations with the general ledger. 

Furthermore, it provides a framework for assessing compliance with generally accepted accounting principles (GAAP) and corporate policies, ensuring that all accounting practices are adhered to properly. With its structured approach, the work program assists auditors in customizing their tests according to the unique circumstances of the business, ultimately enhancing the reliability of financial reporting and helping management avoid unexpected surprises related to their "other assets." By detailing specific steps for testing the existence, accuracy and completeness of asset balances, the document aids in identifying potential risks.

Some examples of “other assets” for consideration include:

• Prepaid insurance
• Prepaid property tax
• Cash surrender value of life insurance (officers)
• Deposits