How to Audit Expenses and Payables
A strong understanding of expenses and payables is essential for audit staff. This course provides a practical foundation in auditing accounts payable, expenses, and accrued liabilities, covering key audit assertions, common risks, and potential threats to these balances.
Participants will explore essential substantive audit procedures and apply their knowledge through real-world examples. A key focus of the course is the Search for Unrecorded Liabilities - a presumptively mandatory test for completeness that every auditor must master. Attendees will walk through this critical procedures step by step, gaining the confidence and skills needed to perform it effectively in practice.
Upon completion, learners will be able to:
1. Recall the audit assertions applicable to the expenses & payables balances
2. Recognize risks & threats related to the expenses & payables balances
3. Identify substantive auditing procedures that are used to obtain comfort over expenses & payables
4. Perform a search for unrecorded liabilities
