About this Course
Issues relating to recognition and measurement of long-term debt are not all that difficult. On the other hand, issues relating to presentation and disclosure can be challenging. In this module, you will learn how to identify high-risk issues, how to perform thorough testwork to determine whether long-term debt is properly classified, and how to ensure that your working papers contain sufficient appropriate evidence to support related financial statement disclosures.
- Recall the audit objectives and related assertions in the debt area
- Identify the common evidence and documentation requirements necessary to properly complete, document, and support the audit objectives in the debt area
- Identify basic controls over the debt process and identify weaknesses and possible solutions
- Recall common audit procedures surrounding debt and demonstrate mastery through a commonly encountered audit situation
- Recall GAAP accounting requirements related to property, plant, and equipment
