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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. The complexity of the debt financing arrangements may create a significant risk requiring more persuasive audit evidence. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Objectives

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

Who Will Benefit

Accountants responsible for auditing accounts payable, accrued expenses and debt

Credits

Category Amount
Auditing 2.00