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Credits: 3

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Auditing A/P, Accrued Expenses, and Debt (Audit Skills Training - Level 2) (A2M5)

  • Customer Rating
  • Field of Study
    Auditing
  • Level
    Basic
  • Credits
    3
  • Qualifies for

    CPE

Overview

The completeness and proper classification of liabilities are the typical higher audit risks. The complexity of the debt financing arrangements may create a significant risk requiring special audit consideration. This module will discuss tips and techniques for auditing accounts payable, accrued expenses and common debt arrangements.

Major Topics:

  • Typical audit procedures related to accounts payable and accrued expenses, including the search for unrecorded liabilities
  • Evaluating accrued estimates
  • Key controls related to liabilities
  • Auditing debt, including compliance with covenants
  • Determining the proper classification of debt
  • Proper form of noncompliance waiver letters
  • Impact of noncompliance on disclosures

Learning Objectives

  • Discuss typical audit risks and special audit considerations
  • Tailor the audit plan in response to assessed risk of material misstatement
  • Evaluate results from a search for unrecorded liabilities
  • Assess the propriety of accrued estimates
  • Evaluate debt covenant compliance

Who should take this course:

Designed for:

Accountants responsible for auditing accounts payable, accrued expenses and debt

Prerequisite:

None

Advanced Preparation:

None

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