New Staff: Practical Application - Auditing Accounts Payable and Accrued Expenses

Overview

This CPE course can be purchased individually or as part of the Audit Staff Essentials - New Staff: Practical Application staff training bundle.

In this course you will:

• Gain understanding of the accounting system necessary to plan your procedures related to purchases, payables, and accrued expenses. - Learn about the possibilities of using audit data analytics for improved quality and efficiency.
• Gain understanding that accounting for accounts payable and accrued expenses is typically straightforward and centered on when to recognize a liability.

Through an interactive case study, 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.

Highlights

Key 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
• Use of audit data analytics

Prerequisites

None

Designed For

Who Will Benefit

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

Objectives

Learning Outcomes

• Recall the audit objectives and related assertions in the accounts payable and accrued expenses area.
• Identify the basic audit procedures over the accounts payable and accrued expenses process, including those surrounding risk and fraud, and apply those procedures to a commonly encountered audit situation.
• Recognize the potential of audit data analytics in accounts payable audit procedures.