DESCRIPTION
This module provides an introduction to the financial statement assertions relevant when auditing property, plant, and equipment, and the audit procedures commonly performed. Through an interactive case study, participants practice workpaper documentation and critically evaluating supporting documents provided by a client. At various points throughout the case study, the instructor will play the role of the in-charge and the client, providing participants with the opportunity to practice asking supervisors questions and requesting additional documentation and information from client contacts.
LEARNING OBJECTIVES
• List risks of material misstatement relevant at the assertion level when auditing property, plant, and equipment
• Describe audit procedures commonly performed when auditing property, plant, and equipment, including testing additions, disposals, and depreciation expense
• Use documentation techniques to comply with professional standards to appropriately document the work performed
