Auditors easily overlook the importance of a robust evaluation of significant accounting estimates and judgments by management, when auditing property, plant and equipment. Audit regulators frequently find that there is insufficient documented evidence of the audit procedures to verify significant accounting estimates and assumptions used in the annual consideration of indicators, and evaluation of useful lives and residual values in measuring the carrying values and possible impairment of assets. Other areas requiring attention include consideration of the proper classification of assets.
This training will give participants a practical understanding of key requirements relating to property, plant and equipment, how to implement them during the audit and how to document everything in audit working papers.
Content and outline:
To explain the following concepts:
- Important principles for auditing property, plant and equipment
- Key requirements from financial reporting frameworks
- Common working paper deficiencies
- Practicing the correct implementation of requirements in audit working papers.
Upon completion of the training, participants will receive a verifiable attendance certificate.