Audit 205: Auditing Liabilities and Long-Term Debt Risks
Online
2.00 Credits
Member Price $89.00
Non-Member Price $124.00
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
Highlights
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
Preparation
None
Notice
You will receive an email from CPA Crossings via Webex with instructions to access the webinar.
Leader(s):
Leader Bios
Jennifer Louis, Surgent McCoy CPE, LLC
Jennifer F. Louis, CPA has over 19 years of experience in designing and presenting high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organizational success. In 2003, she founded Emergent Solutions Group, LLC, a company dedicated to developing and delivering accounting and auditing training services. She was most recently executive vice president/director of training services at AuditWatch, Inc., a highly respected training and consulting firm serving the audit profession. During her six years at AuditWatch, Ms. Louis served in many other capacities, including vice president of product development, and a consultant for the firm’s Audit Productivity Improvement Program TM. She also coauthored a manual on value-added auditing. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm’s Washington, D.C. office, she served as an instructor for the firm’s national “Train the Trainers” program. Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting.
Non-Member Price $124.00
Member Price $89.00