Learning Objectives

Identify the various types of prepaid expenses, deferred charges, and intangible assets.

Understand the auditor's approach to auditing prepaid insurance.

Develop an understanding of the property management process.

Identify the types of transactions in the property management process.

Identify and evaluate inherent risks for property, plant, and equipment.

Assess control risk for property, plant, and equipment.

Know the appropriate segregation of duties for property, plant, and equipment.

Identify substantive analytical procedures used to audit property, plant, and equipment.

Identify tests of details of account balances and disclosures used to audit property, plant, and equipment.

Evaluate the audit findings and reach a final conclusion on property, plant, and equipment.