How to Audit Liabilities

1 Credits: Auditing


Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)

 Secure Transaction

How to Audit Liabilities

Course Level
CPE Credits

1 Credits: Auditing

Course Description

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.

Show More
Show Less

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • 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; and

Chapter 2

  • Recognize the accounting rules related to loss contingencies and the fair value option.
Show More
Show Less

Course Specifics

Course ID
Revision Date
November 10, 2022

There are no prerequisites.

Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
Qualifies for CA Fraud: Yes
Qualifies for CA Fraud Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

Meet The Experts

Steven M. Bragg Headshot

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and …

Steven M. Bragg, CPA Read More »