Auditing Liabilities, Including Long-Term Debt - Addressing the Risks of Completeness, Classification, and Disclosure will discuss tips and techniques for auditing accounts payable, accrued expenses, and common long-term financing arrangements and related debt covenants. The completeness and proper classification of liabilities are the typical higher audit risks.
DESIGNED FOR
Accountants responsible for auditing accounts payable, accrued expenses and debt
BENEFITS
Upon completion of this course, you will be able to...
- Identify typical audit risks and special audit considerations related to various liabilities
- Tailor the audit plan in response to assessed risk of material misstatement, focusing on the assertions with typically higher risk
- Evaluate results from a search for unrecorded liabilities and procedures to assess the propriety of accrued estimates
- Evaluate the completeness, classification, and disclosure of financing arrangements - including debt covenant compliance
HIGHLIGHTS
The major topics covered in this course include:
- Typical audit procedures related to accounts payable and accrued expenses, including the search for unrecorded liabilities
- Key controls related to liabilities
- Auditing long-term debt, including compliance with covenants
- Determining the proper classification of financing arrangements
- Proper form of noncompliance waiver letters
- Impact of noncompliance on disclosures
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None