Question: 1.5 Consider the below internal control system (ICS) objectives. Provide an example practice or procedure to achieve each objective for non-current fixed assets. ICS Objective

1.5 Consider the below internal control system (ICS) objectives. Provide an example practice or procedure to achieve each objective for non-current fixed assets. ICS Objective Standard practice or procedure for non-current fixed assets Completeness Conduct regular physical audits please explain how this ensures completeness Accuracy please Use an automated fixed asset management system explain how an automated system ensures accuracy Validity Require formal approval for all asset transactions Safeguarding please | Implement comprehensive security and maintenance protocols explain some standard security protocols for fixed assets Accountability please | Assign responsibility and conduct regular reviews. explain what responsibilities are assigned to who regarding fixed assets

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