In this course, you will learn how to identify specific high risk areas and how to perform thorough test work to gain comfort that long-term debt is properly classified on the balance sheet as either current or non-current. You'll know if your workpapers contain sufficient reliable evidence to support the disclosures relating to long-term debt and understand the importance of thoroughly reading and understanding any new loan agreements or loan modifications to make sure you identify all loan terms that affect the amounts or disclosures in the financial statements.
Learning Objectives
Match the audit procedures typically performed in the long-term debt area to the stated audit objectives and related assertions
Plan and perform the confirmation of long-term debt
Prepare adequate disclosures and properly classify long-term debt amounts in the financial statement
Design and perform effective and efficient tests of accrued interest and interest expense
Avoid common audit inefficiencies and oversights when auditing long-term debt
Key Topics
Understanding the complexities of long-term debt
Proper classification
Common long-term debt audit procedures and techniques
Reviewing and documenting procedures surrounding long-term debt agreements
Loan covenants and requirements
Who will it benefit?
New Staff covers key areas to ensure auditors are well prepared to begin their careers. The Audit Staff Essentials Level I courses establish a strong set of core skills necessary for junior staff growth.
$ 85.00
AICPA Member Price: $ 69.00
Course is unavailable for purchase.
NASBA Field of Study
Accounting and Auditing
Level
Basic
CPE Credits
2.0
Prerequisites
None
Delivery Method
QAS Self-Study
Advance Preparation
None
Last Updated
02/02/2017
JDTASE1_15B
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