Audit Staff Essentials - New Staff Practical Application: Auditing Debt
Long-term debt recognition and measurement can be problematic. New staff can learn about issues related to confirming balances, recalculating accrued interest, and recognizing interest expense.
Format
Online
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
1.5
Author(s)
AICPA and CIMA staff
Availability
1 year
Product Number
ASE2DBN26SSO
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Long-term debts decoded
You can learn about recognizing and measuring long-term debt by examining various topics, such as:
- Relevant professional standards
- Audit objectives and assertions
- Challenging issues related to presentation and disclosure
Long-term debt auditing mechanics
Knowing the more mechanical side of auditing debt is essential to your audits. You can gain an understanding of long-term debt auditing mechanics, including how to:
- Confirm balances
- Recalculate accrued interest
- Recognize interest expenses
- Draft working papers with sufficient appropriate evidence to support related financial statement disclosures
Who Will Benefit
- Recently onboarded staff
- First-year staff
- Firms that want consistent training and level setting
Key Topics
- Relevant professional standards
- Audit objectives and assertions
- Risk assessment and commonly identified risks
- Common audit procedures
- Using audit data analytics
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.
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