Property, Plant, Equipment

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Substantive audit procedures applicable to PPE items in the balance sheet
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  PROPERTY, PLANT, EQUIPMENT SUBSTANTIVE AUDIT TEST (PROCEDURES)  1. Establish the beginning balance of the PPE account.  For continuing auditor: Preliminary review of the permanent-file work paper   For an incoming auditor: Referral to the permanent-file work paper must be necessary, or else, comprehension to the company’s policies regarding PPE transactions  2. Trace the balances appearing on the FS to the general and subsidiary ledger, with both ledgers on an agreeing balances.  3. Examination of the current-period PPE transactions  Vouch and schedule charges and additions Acquisitions Construction Lease Verification of Capital Expenditure authorizationVerification of purchase agreementsVerification from the manufacturer-contractor Verification of the lease contractExamination of deed of transfer (i.e. sale)\\Vouch the seller's invoice, and other source documentsVouch the contractor's billings, and other source documents\Vouch the cancelled checksReview and test calculations on cost allocationAnalysis of the Particulars and  Journal Entry documentations
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