About this Course
In this module, you will learn the importance of understanding the accounting systems related to purchases, payables, and accrued expenses—knowledge you need to plan your audit procedures. You will practice the critical substantive tests used in this audit area and learn to assess whether your search for unrecorded liabilities was thorough enough to catch all material unrecorded liabilities.
- Recall the audit objectives and related assertions in the accounts payable and accrued expenses area
- Identify the common evidence and documentation requirements necessary to properly complete, document, and support the audit objectives in the accounts payable and accrued expense area
- Identify basic controls over the purchasing and accounts payable process and identify weaknesses and possible solutions
- Recall the common audit procedures surrounding accounts payable and accrued expenses and demonstrate mastery through a commonly encountered audit situation
