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

Description

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.

Highlights

• 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

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

Designed For

Accountants responsible for auditing accounts payable, accrued expenses and debt