About this Course
Prepaid expenses are future expenses that have been paid in advance. Prepaid expenses can be thought of as costs that have been paid but have not yet been used up or have not yet expired. Auditing prepaid and other current assets are commonly benign, however new staff accountants are commonly trusted to oversee the work in this area. This module will introduce you to the process and walk you through the audit of these assets.
- Recall the audit objectives and related assertions applicable to prepaid and other current assets
- Recall the criteria for determining the significance of an account and relevance of an assertion
- Recall common audit procedures surrounding prepaid and other current assets and demonstrate mastery through a commonly-encountered audit situation
- Identify internal controls commonly encountered in the area of prepaid and other current assets
