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Secure Transaction How to Audit Fixed Assets
Format
Self-Study
Course Level
Overview
CPE Credits
2 Credits: Auditing
Course Description
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.
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.
Course Specifics
9179026
August 1, 2023
There are no prerequisites.
None
48
Compliance Information
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
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Meet The Experts
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …