What are at least three elements of strong internal control over property, plant, and equipment?

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What are at least three elements of strong internal control over property, plant, and equipment?

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Answer 1

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A subsidiary ledger consisting of a separate record for each unit of property
A system of authorization requiring advance executive approval of all plant and equipment acquisitions, whether by purchase, lease or construction.
A reporting procedure assuring prompt disclosure and analysis of variances between authorized expenditures and actual costs.
An authoritative written statement of company policy distinguishing between capital expenditures and revenue expenditures.
A policy requiring all purchases of plant and equipment to be handled through the purchasing department and subjected to standard routines for receiving, inspection, and payment.

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Answer 2

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What are at least three elements of strong internal control over property, plant, and equipment?

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What are at least three elements of strong internal control over property, plant, and equipment?

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What are at least three elements of strong internal control over property, plant, and equipment?