Auditing Accounts Payable and Accrued Expenses

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Overview

1.0 Credits
ONLINE

The accounting for accounts payable and accrued expenses is usually fairly straightforward and typically centers on when to recognize a liability. Your primary concern in this area is with the completeness assertion, and your main substantive test is a search for unrecorded liabilities. In this CPE course, you'll learn the importance of understanding the accounting system related to purchases, payables, and accrued expenses-an understanding necessary to plan your procedures. Through an interactive case study, you'll practice the critical substantive test and be able to assess whether your search for unrecorded liabilities is thorough enough to gain assurance that material unrecorded liabilities have been detected.

Objectives

Recall the audit objectives and related assertions in the accounts payable and accrued expenses area. Identify the steps for risk assessment and identify the common risks found in the accounts payable and accrued expenses area. Identify basic processes, controls, and audit procedures over the purchasing and accounts payable area and identify weaknesses and possible solutions. Recall the common audit procedures surrounding accounts payable and accrued expenses and demonstrate mastery of those procedures through a commonly encountered audit situation.

Major Topics

Relevant professional standards related to auditing accounts payable and accrued expenses Audit objectives and assertions for accounts payable and accrued expenses Risk assessment for accounts payable and accrued expenses Application of guidance and an accounts payable and accrued expenses case study

Designed For

Recently onboarded staff First-year staff Firms that want consistent training and level setting
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