Audit Staff Essentials - New Staff Practical Application: Auditing Prepaid and Other Current Assets

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Prepaid and current asset audits

You can learn to skillfully audit prepaid and other current assets by understanding several key points, including:

• Prepaid and other current assets' significance despite representing smaller individual items
• Commonly prepaid expenses that must be recognized on a pro-rata basis
• Other assets such as investments, short-term notes receivable, and industry-specific transactions that often require complex estimates

Applying your new knowledge

You'll practice implementing the guidance you learn through a prepaid and other current assets case study.

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 prepaid and other current assets
• Audit objectives and assertions for prepaid and other current assets
• Risk assessment for prepaid and other current assets

Learning Outcomes

• Recall the audit objectives and related assertions applicable to prepaid and other current assets.
• Identify the common audit procedures or techniques for obtaining audit evidence in the prepaid and other current assets area.