Accounts payable is the aggregate amount of an entity's short-term obligations to pay suppliers for goods and services purchased on credit. Accrued liabilities are recorded via journal entry and are based on the gradual accumulation of a liability over time. How to Audit Liabilities describes the characteristics of liabilities from an auditing perspective as well as the activities required to audit many types of liabilities. Steven M. Bragg places particular emphasis on to the search for unrecorded liabilities.
Upon successful completion of this course, participants will be able to:
- Recognize the key characteristics of liabilities.
- Note the circumstances in which inherent risk is considered to be more likely.
- Cite the different activities that can be used to examine accrued liabilities.
- Describe the different types of analytical procedures that can be applied to liabilities.
- Recognize the accounting rules related to loss contingencies and the fair value option.
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