Audit 205: Auditing Liabilities and Long-Term Debt Risks
Tuesday, March 11, 2025
Webcast or Webinar, Online
11:30AM - 1:30 PM (opens at 11:00AM) EST
2Credits
Accounting and Auditing
Registration is Open
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$89.00 Regular Price
Non-Members
$119.00 Regular Price
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Course Type: Webcast
Course Code: 24/CX45604
Level: Basic
Vendor: CPA Crossings, LLC
Field of Study: Auditing
Overview:
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
Major Topics:
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
Major Topics:
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