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.
Auditing Fixed Assets. Auditing Intangible Assets. Auditing Depreciation. Planning the Fixed Asset Audit
CPAs, controllers, accountants, financing professionals, business owners, and managers.
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.
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. 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 an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
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