Objective: Your task is to conduct a comprehensive review of fixed assets and depreciation records, tracing previous depreciation and creating a new roll-forward depreciation schedule.

Instructions:

1. Depreciation Tracing:
   • Access and audit the provided files pertaining to fixed assets and depreciation.
   • Trace the history of depreciation taken from the records.
   • Identify the methods, rates, and periods used for depreciation.
2. Creating a Roll Forward Depreciation Schedule:
   • Develop a new depreciation schedule starting from January 1, 2020.
   • The schedule must include the following:
     • Year-to-Date (YTD) Depreciation.
     • Any additions, disposals, or sales of fixed assets.
     • There should be no activity reflected in the schedule.
3. Utilizing Previous Journal Entries (JE):
   • Refer to the Journal Entries made by previous accountants as a guide.
   • Incorporate relevant information from previous JEs into your analysis and schedule.

Submission Requirements:

1. Depreciation Tracing Report:
   • Detail the process of tracing previous depreciation.
   • Include findings regarding depreciation methods, rates, and periods used historically.
2. Roll Forward Depreciation Schedule:
   • Clearly present a new schedule starting from January 1, 2020.
   • Include YTD Depreciation, additions, disposals, sales, and any necessary explanations or notes.
3. References to Previous Journal Entries (JE):
   • Highlight and refer to specific JEs made by previous accountants that informed your analysis.

Guidelines:

• Ensure accuracy and thoroughness in your review and schedule creation.
• Provide clear references and explanations for your findings.
• Use the provided files and information as a foundation but aim to create an updated and comprehensive schedule.

Additional Notes:

• If you encounter discrepancies or irregularities, make note of these in your report.
• In case of any uncertainties or need for further information, do not hesitate to seek clarification