Auditing Debt

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Overview

1.5 Credits
ONLINE

Issues relating to recognition and measurement of long-term debt are not all that difficult. On the other hand, issues relating to presentation and disclosure can be challenging. This CPE course will touch on those issues as well as the more mechanical side of auditing debt, including confirming balances, recalculating accrued interest, and the recognition of interest expense. In this course, you will learn how to ensure that your working papers contain sufficient appropriate evidence to support related financial statement disclosures.

Objectives

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

Major Topics

Relevant professional standards related to auditing cash Cash and cash equivalents Audit objectives and assertions for cash Risk assessment for cash Application of guidance and cash case study

Designed For

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