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

Members
$89.00 Regular Price
Non-Members
$119.00 Regular Price

CPE PowerPass Users

Click the "Apply PowerPass" button to use your PowerPass for the applicable course below.
$40.00 Members / $56.00 Non-Members
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

Designed For:

Accountants responsible for auditing accounts payable, accrued expenses and debt

Prerequisites:

None