New Staff: Practical Application - Auditing Debt

Overview

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

Learn about the relatively straightforward issues relating to recognition and measurement of long-term debt as well as the more challenging issues relating to presentation and disclosure.

Understand the more mechanical side of auditing debt, including confirming balances, recalculating accrued interest, and the recognition of interest expense.

Learn how to ensure that your working papers contain sufficient appropriate evidence to support related financial statement disclosures.

Highlights

Key Topics

• Relevant professional standards
• Audit objectives and assertions
• Risk assessment and commonly identified risks
• Common audit procedures and application of professional standards

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 debt area.
• Identify the basic audit procedures over the debt process, including those surrounding risk and fraud, and apply those procedures to a commonly encountered audit situation.