Auditing Property, Plant and Equipment

  • Thursday, August 15, 2019 – Thursday, April 30, 2020

  • 1.5

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? Do you communicate with other audit team members about possible signs of impairment they might have observed in their audit areas? Do you carefully scrutinize the underlying documentation for fixed assets to be sure that the costs should be capitalized and not expensed?

After completing this CPE course, you will able to answer yes to all of these questions. In addition, this course will teach you 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.


Recall the audit objectives and related assertions in the property, plant, and equipment area.
Identify the steps for risk assessment and identify the common risks found in the property, plant, and equipment area.
Identify basic controls and audit procedures over the property, plant, and equipment process and identify weaknesses and possible solutions.
Recall the common audit procedures surrounding property, plant, and equipment and demonstrate mastery of those procedures through a commonly encountered audit situation.


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
Application of guidance and a property, plant, and equipment case study

Additional Information

Designed For

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


American Institute of CPAs


1.50 Auditing

Course Number


Level of Knowledge


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