Fixed assets include any assets having a useful life of at least one year and which have purchase prices exceeding a capitalization limit set by the firm. Most businesses outside of the services sector have made substantial investments in fixed assets. How to Audit Fixed Assets describes the characteristics of fixed assets from an auditing perspective, the activities required to audit both tangible and intangible fixed assets, auditing of depreciation, and asset impairment losses.
Upon successful completion of this course, participants will be able to:
- 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.
- Note the circumstances that can trigger a possible asset impairment.
- Describe the rules relating to goodwill amortization.
- Cite the auditing tasks to be completed when examining a client's depreciation.
- Recognize the types of fixed asset reports that can assist an auditor.
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