Audit Staff Essentials - New Staff Practical Application: Auditing Accounts Payable and Accrued Expenses

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Purchases, payables, and accrued expenses basics

Accounting for accounts payable and accrued expenses is typically straightforward and centered on when to recognize a liability. You can better understand how to plan your procedures when auditing purchases, payables, and accrued expenses by exploring topics, such as:

• Uncovering unrecorded liabilities
• Identifying risks
• Using audit data analytics for improved quality and efficiency

Applying your new skills

Through an interactive case study, you can practice the critical substantive test. Additionally, you can assess whether your search for unrecorded liabilities was thorough enough to gain assurance that material unrecorded liabilities have been detected.

Who Will Benefit

• Recently onboarded staff
• First-year staff
• Firms that want consistent training and level setting

Key Topics

• Relevant professional standards related to auditing accounts payable and accrued expenses
• Audit objectives and assertions for accounts payable and accrued expenses
• Risk assessment for accounts payable and accrued expenses
• Applying guidance in an accounts payable and accrued expenses case study
• Use of audit data analytics

Learning Outcomes

• Recall the audit objectives and related assertions in the accounts payable and accrued expenses area.
• Identify the basic audit procedures over the accounts payable and accrued expenses process, including those surrounding risk and fraud.
• Recognize the potential of audit data analytics in accounts payable audit procedures.