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Property, Plant, and Equipment: Depreciation and Depletion


After studying this chapter, you should be able to:

LO1

Describe the nature of property, plant, and equipment and depreciation.

LO2

Identify the auditors' objectives in the audit of property, plant, and equipment.

LO3

Explain the fundamental controls over property, plant, and equipment.

LO4

Use the understanding of the client and its environment to consider inherent risks (including fraud risks) related to property, plant, and equipment.

LO5

Obtain an understanding of internal control over property, plant, and equipment.

LO6

Assess the risks of material misstatement of property, plant, and equipment and design further audit procedures, including tests of controls and substantive procedures, to address the risks.

LO7

Explain the auditors' approach to the audit of depreciation.

LO8

Describe how the auditors design audit procedures to audit intangible assets.











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