Auditing Property, Plant and Equipment

Authored by Joanne Flood, CPA-MBA
About this Course
The basic accounting for property, plant and equipment is fairly straightforward, but you have to be alert for unusual or complex transactions, such as exchanges, capitalized interest, or sale-leasebacks. Do you actively look for events or changes in circumstances that indicate an asset may be impaired? How carefully do you scrutinize the underlying documentation for fixed assets to be sure that the costs should be capitalized and not expensed? After completing this course, you will answer yes to all these questions. In addition, you'll learn tips for making the preparation of the tax return as efficient as possible. When performing your audit work, you'll make sure you gather all the information necessary to complete the related tax return areas. Through interactive exercises and case studies, you'll practice applying the effective and efficient procedures contained in this course when auditing fixed assets.
Learning Objectives
  • Match the audit procedures typically performed in the property, plant, and equipment area to the stated audit objectives and relevant assertions
  • Properly test asset additions and retirements
  • Efficiently test depreciation expense and accumulated depreciation
  • Identify possible asset impairment losses
  • Avoid common audit inefficiencies and oversights when auditing fixed assets
Key Topics
  • Understanding the different characteristics of property, plant and equipment.
  • Basic and complex transactions and their features
  • Common audit procedures for testing property, plant and equipment
  • Applying reasonableness assessments to appropriate areas of property, plant and equipment
Who will it benefit?
New Staff covers key areas to ensure auditors are well prepared to begin their careers. The Audit Staff Essentials Level I courses establish a strong set of core skills necessary for junior staff growth.
$ 85.00
AICPA Member Price: $ 69.00
Course is unavailable for purchase.
NASBA Field of Study
Accounting and Auditing
CPE Credits
Delivery Method
QAS Self-Study
Advance Preparation
Last Updated