How to Audit Fixed Assets (CPE Course)

CPE Credit: 2 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $25

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Course Description
This course clarifies for the auditor every action needed to audit fixed assets. It describes the characteristics of fixed assets from an auditing perspective, and then goes on to describe the activities required to audit both tangible and intangible fixed assets. The course also covers the auditing of depreciation, as well as asset impairment losses. Further, the course materials note several issues that can assist in the planning for an audit of fixed assets. Background information concerning the accounting for fixed assets is inserted into the text as needed.

Author: Steven Bragg

Course Number: AU1008

Table of Contents
Chapter 1. Auditing Fixed Assets
Chapter 2. Auditing Intangible Assets
Chapter 3. Auditing Depreciation
Chapter 4. Planning the Fixed Asset Audit

Learning Objectives

  • Recognize the accounts in which fixed assets are typically recorded.

  • Specify 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.

  • Specify 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.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Auditing

Prerequisites: None

Advance Preparation: None

Latest Review Date: June 2023

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

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AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.