It is imperative that audit staff understand the fundamentals of expenses & payables. This course will cover the basics of auditing expenses, accrued liabilities, and other payables, including the related audit assertions, risks, & threats to the expenses & payables balances. During this course, we will also highlight the various substantive auditing procedures that staff should perform, and also walk through some real-world examples. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to...
- Recognize key risk assessment concepts applying to SAS No. 145 in identifying and assessing risks of material misstatement
- Determine the impact to the risk assessment process and the work to be performed
- Identify risk assessment procedures related to the various components of the entity’s system of internal control
- Recall how to scale risk assessment requirements to be effective and efficient, particularly for less complex entities
- Recall when and how to evaluate design and determine the implementation of controls
- Recognize risk assessment requirements to appropriately identify risks arising from the use of information technology (IT) and related general IT controls
- Identify potential risk assessment and related audit documentation traps
Major Topics
The major topics that will be covered in this course include:
- Auditing Cash
- Audit assertions, risks, and threats to the cash balance
- Auditing procedures to perform
