Generate an Audit Report

By Gregg Hopfeldt · 2025-05-20

An audit report provides a defensible summary of your fixed asset register at a point in time—cost, accumulated depreciation, and carrying value by category—so you can present stable, verified figures to auditors, stakeholders, or internal reviewers.

Before you generate, confirm your register is current. Verify depreciation settings and complete any disposals. If you are reporting on a prior year, complete rollover first.

The logic

The audit report draws directly from your register's current state. It uses consistent, repeatable calculation logic:

  • Summary section: Totals cost, accumulated depreciation, and carrying value by asset category. Assets disposed on or before the report end date are excluded from the summary, preventing ghost assets in your figures.
  • Reconciliation section: Shows opening balance, additions, disposals, depreciation, and closing balance—so the movement reconciles to your ledger.
  • Carrying value formula: Cost minus accumulated depreciation. No manual adjustment required.
  • Depreciation method: The footer notes whether straight-line or reducing balance was applied, as configured in your settings.

Steps

  1. Open the Fixed Asset Register.
  2. Click More and select Generate Audit Report.
  3. In the Audit Report dialog, review the header fields: Company Name, Report Title, Prepared By, Report Date. Click Edit Header to adjust any field if needed.
  4. Select the report period: Current year- generates the report from the current financial year, Previous year- generates the report from the prior financial year. Use this when you need audited figures for a year that has already closed.
  5. Export the report as PDF (formatted document for printing or sharing) or Excel (CSV file suitable for spreadsheet import).

What to check before you generate

  • Clear any grouping or filters as the report will generate as is
  • Confirm depreciation rates and methods match the period you are auditing.

Common issues

  • Filters/grouping: Check that these have been cleared.
  • Wrong balances: Review depreciation settings and confirm all disposals are recorded.
  • Period mismatch: Complete rollover for the correct financial year before generating.

The outcome

A stable, audit-ready document: a clear summary of property, plant and equipment by category, a reconciliation that traces opening balance through to closing balance, and zero ghost assets. The exported file provides a quietly confident record you can attach to audit workpapers or file for internal review—no manual calculation, no formula drift, and no last-minute surprises.