Basic Staff Training: Auditing Fixed Assets (Currently Unavailable)

Author: Robert K Minniti

Are you staff accountant planning on performing an audit of fixed assets? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review steps for planning a fixed asset audit, testing internal controls over fixed assets, conducting analytical procedures and performing substantive testing.

From an audit procedure standpoint this session will also focus on the techniques and documentation needs that staff accountant needs to know. In addition, the session will offer practical advice to the staff accountant on conducting an audit of fixed assets.

Publication Date: December 2019

Topics Covered

• Government Audits
• Fixed Asset Review
• A Review of the Financial Statement Assertions
• Fixed Assets: Planning the Audit
• Auditing Fixed Assets: Relying on Internal Auditors Work
• Audit Sampling
• Auditing Fixed Assets: Conducting Field Work

Learning Objectives

• Identify audit procedures for auditing fixed assets
• Describe intangible fixed assets
• Recognize what would be least likely to impair an auditor's independence
• Describe what starts with the transaction record and verifies there is a corresponding source document
• Recognize what is considered a substantive test
• Identify methods for calculating depreciation
• Recognize the materiality threshold for fraud
• Differentiate types of sampling
• Describe which type of data distribution looks like a "Bell"
• Identify what is used for effectiveness of internal controls

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None