Navigating the complexities of auditing liabilities, particularly in the realm of accounts payable and accrued liabilities, can be a daunting task for auditors. The challenge intensifies with the risk of overlooking unrecorded liabilities, which can significantly impact an entity's financial health and compliance. How to Audit Liabilities offers a robust solution to these challenges. This auditing CPE course, led by Steven M. Bragg, provides a deep dive into the characteristics of liabilities from an auditing perspective. Participants of the audit CPE course will learn effective strategies to audit various types of liabilities, with a special focus on identifying unrecorded liabilities. The self-study auditing CPE course also covers the accounting rules related to loss contingencies and the fair value option, ensuring participants are equipped with the knowledge to mitigate inherent risks and enhance the accuracy of liability auditing.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Chapter 1
Recognize the key characteristics of liabilities;
Note the circumstances in which inherent risk is considered to be more likely;
Cite the different activities that can be used to examine accrued liabilities;
Describe the different types of analytical procedures that can be applied to liabilities; and
Chapter 2
Recognize the accounting rules related to loss contingencies and the fair value option.
Major Topics
Auditing Liabilities
Accounting for Liabilities
