This CPE course can be purchased individually or as part of the Audit Staff Essentials – New Staff: Practical Application staff training bundle.
The accounting for accounts payable and accrued expenses is usually fairly straightforward and typically centers on when to recognize a liability. Your primary concern in this area is with the completeness assertion, and your main substantive test is a search for unrecorded liabilities.
In this CPE course, you'll learn the importance of understanding the accounting system related to purchases, payables, and accrued expenses—an understanding necessary to plan your procedures. Through an interactive case study, you'll practice the critical substantive test and be able to assess whether your search for unrecorded liabilities is thorough enough to gain assurance that material unrecorded liabilities have been detected.