New Staff: Practical Application- Auditing Property, Plant, and Equipment

Overview

This CPE course can be purchased individually or as part of the Audit Staff Essentials - New Staff: Practical Application staff training bundle.

Understand how the fairly straightforward accounting for property, plant, and equipment may have unusual or complex transactions, such as exchanges, capitalized interest, or saleleasebacks.

Learn how to look for events or changes in circumstances that indicate an asset may be impaired and how to communicate with other audit team members about possible signs of impairment they might have observed in their audit areas.

Understand how to carefully scrutinize the underlying documentation for fixed assets to be sure that the costs should be capitalized and not expensed.

Be up to date with the new lease standard to understand the new accounting treatment of leases and the common auditing procedures involved. And appreciate the potential of audit data analytics in the property, plant, and equipment cycle.

Use interactive exercises and case studies to practice applying effective and efficient procedures when auditing fixed assets.

Highlights

Key Topics

• Relevant professional standards related to auditing property, plant, and equipment
• Audit objectives and assertions for property, plant, and equipment
• Risk assessment for property, plant, and equipment
• Lease audit and accounting
• Application of guidance and a property, plant, and equipment case study
• Use of audit data analytics

Prerequisites

None

Designed For

Who Will Benefit

• Recently onboarded staff
• First-year staff
• Firms that want consistent training and level setting

Objectives

Learning Outcomes

• Recall the audit objectives and related assertions in the property, plant, and equipment area.
• Identify the basic audit procedures over the property, plant, and equipment process, including those surrounding risk and fraud, and apply those procedures to a commonly encountered audit situation.
• Recall concepts related to and procedures used in auditing leases.
• Recognize the potential of audit data analytics in property, plant, and equipment audit procedures.