Auditing fixed assets, a significant component of many businesses' financial statements, presents unique challenges. The complexity increases with the diversity of tangible and intangible assets, varying depreciation methods, and the intricacies of asset impairment losses. "How to Audit Fixed Assets" is an asset audit CPE course specifically designed to address these challenges. It provides an in-depth understanding of the characteristics of fixed assets from an auditing perspective. Participants of this auditing CPE will learn how to effectively audit both tangible and intangible fixed assets, navigate through the nuances of auditing depreciation, and tackle the complexities of asset impairment losses. The auditing CPE also includes practical insights into recognizing accounts where fixed assets are typically recorded, detecting discrepancies in asset disposition, and understanding the triggers for possible asset impairment. This course is an essential resource for professionals aiming to enhance their proficiency in auditing fixed assets, ensuring accuracy and compliance in financial reporting.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Recognize the accounts in which fixed assets are typically recorded;
Note the changes in a fixed asset audit, based on the types of assets being audited;
Cite the situations in which inherent risk is more likely to be high;
Describe the fixed asset roll forward report;
Recognize the ways to detect assets that were dispositioned but not recorded;
Chapter 2
Note the circumstances that can trigger a possible asset impairment;
Describe the rules relating to goodwill amortization;
Chapter 3
Cite the auditing tasks to be completed when examining a client's depreciation; and
Chapter 4
Recognize the types of fixed asset reports that can assist an auditor.
Major Topics
Auditing Fixed Assets
Auditing Intangible Assets
Auditing Depreciation
Planning the Fixed Asset Audit
