Surgent's Auditing Property, Plant, & Equipment - On-Demand Webcast

Overview

Property, plant, and equipment is present, at least to some extent, in virtually all audit clients. Auditing the area can be straight forward but when an entity is building machinery or equipment, complexities arise. Property and equipment can also include right of use assets under lease agreements. This module will address assessing the risk of property and equipment, internal controls that prevent and detect misstatements in property and equipment, auditing techniques responsive to the assessed risk and disclosure. (Please Note: This module is part of Surgent’s Audit Skills Training: Level 1.)

Highlights

Assessing risk
Internal control related to property and equipment
Audit procedures for property and equipment
Construction of assets including capitalizing interest
Lease accounting requirements and disclosure of right of use asset
Disclosure of property and equipment

Prerequisites

None

Designed For

Accountants responsible for auditing property, plant, and equipment

Objectives

Discuss audit risks related to property equipment
Identify internal controls to prevent, detect and correct misstatement in property and equipment
Tailor an audit plan to respond to assessed risk of material misstatement
Understand the key controls related to PP&E
Describe and apply lease accounting requirements
Test disclosures for completeness and compliance with GAAP