Programme Objective

To provide audit professional with guidance on the audit of property, plant and equipment (PPE) held for owner-use, sale and/or investment purposes. This course will also cover the key financial statement reporting and disclosure requirements for PPE.

Programme Outline

• Understand the key financial statement reporting and disclosure requirements for PPE.

• Discuss common financial statement misstatements concerning PPE.

• Develop an understanding of the client PPE management process (inclusive of procurement, acquisition, deployment, maintenance of disposal), and related information flows; control polices/procedures over the PPE management process; types of documents generated and kept; accounting policies for PPE (including capitalization, depreciation, impairment an valuation); and financial statement accounts affected.  

• Identify and assess the risk of material misstatement at assertion level for PPE taking into account relevant mitigating internal controls.

• Determine the extent of reliance to place on internal controls over PPE; plan the nature, extent and timing of tests of controls; conduct and evaluate the results of these tests of controls and assess their implications for planning substantive tests of PPE.

• Plan the nature, extent and timing of substantive procedures to test various assertions related to PPE.

• Evaluate the audit findings and draw appropriate audit conclusions for PPE.

• Discuss common PPE fraud schemes and related controls.

• Develop a practical audit guide to improve audit quality.

• Discuss audit templates to achieve audit objectives on PPE.

• Discuss observation by PMP reviewer on PPE.

Training Methodology

Lecture style, with exercises/case studies

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

A Foundation to Intermediate level programme intended for Practising and Non-Practising Accountants and Auditors. Senior Audit Professionals who like to understand more about the issues involved in the audit of PPE are welcome to attend.

Programme Facilitator(s)