About this Course
The basic accounting for property, plant, and equipment, often referred to as fixed assets or plant assets, is fairly straightforward, but you have to be alert for unusual or complex transactions, such as exchanges, capitalized interest, or sale-leasebacks. After completing this module you will have a handle on these concepts and be able to perform the duties commonly expected of a new auditor in this area.
- Recall the audit objectives and related assertions in the property, plant, and equipment area
- Identify the common evidence and documentation requirements necessary to properly complete, document, and support the audit objectives in the property, plant, and equipment area
- Identify basic controls over property, plant, and equipment and identify weaknesses and possible solutions
- Recall the common audit procedures surrounding property, plant, and equipment and demonstrate mastery through a commonly encountered audit situation
