Surgent's Auditing Property, Plant, & Equipment

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

Major Topics:

• 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

Learning 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

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.