Basic Staff Training: Auditing Property, Plant, & Equipment Concepts (Completed)

Are you going to perform an audit on property, plant, & equipment? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review the auditing standards and look at best practices for auditing property, plant, & equipment.

This session will prepare help the staff auditor know what to do and why. In addition, it will also help the senior accountant be better prepared to know how to plan the audit procedures as well as review the work of the staff in this important audit area.

Many auditors are so busy they don’t have the time to understand the concepts behind the audit procedures being performed in a given audit area. This session is an audit concepts program or that will take the participants on a journey that links the audit procedures to the audit standards. The session will also offer practical ideas on how to make the audit area procedures more efficient while maintaining the audit quality.

Topics Covered

• The Audit Model for PP&E, Repairs, and Maintenance Expenditures
• Risk Assessment
• Internal control and the audit plan for this audit area
• Substantive Procedures
• Documentation Approach
• Focus on sampling methodologies, analytical review and the use of data extraction
• These considerations will be linked to that audit assertions and specific audit procedures

Learning Objectives

• Identify the auditing standards
• Identify audit procedures for auditing property, plant, & equipment

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None