What are the best practices for request of prior year reports by auditors?

Question

Hello, 
 I have our live FAS listing in the current year (2015), and run monthly depreciation. When I am asked by auditors for FAS listing of prior years, (for example: 2011), I open a save copy of the 2011 company, create a report and send it over. However, if additions need to be made to the 2011 listing, I will have to do the work on the 2015 file since there has been many assets added since the 2011 copy. 
 What are some ways to handle this situation? and is there a better way to present these reports than my current method? 
 Thanks in advance! 
 Hector Ibarra

Delray · Accepted Answer

Hello Hector, 
 Since you are keeping year end copies of the data to make running prior year reports easier, you will not only need to add those 2011 assets to the old copy of the company and the current, but also your 2012-2014 copies also. 
 
 The process we normally recommend is in How to run a report for a past or future period but the reason why you keep old copies is with that process, if you every change a critical value on any asset, they tend not to appear on reports when running depreciation back to those prior periods. 
 
 If you are looking for a best practice, then the answer would be, never change any of the critical values after the year end that the asset was placed into service. That way you would be able to run depreciation to various points in time and always get accurate information. 
 ~Delray

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