How to Audit Liabilities

1 Credits: Auditing


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How to Audit Liabilities

Course Level
CPE Credits

1 Credits: Auditing

Course Description

Navigating the complexities of auditing liabilities, particularly in the realm of accounts payable and accrued liabilities, can be a daunting task for auditors. The challenge intensifies with the risk of overlooking unrecorded liabilities, which can significantly impact an entity’s financial health and compliance. How to Audit Liabilities offers a robust solution to these challenges. This course, led by Steven M. Bragg, provides a deep dive into the characteristics of liabilities from an auditing perspective. Participants will learn effective strategies to audit various types of liabilities, with a special focus on identifying unrecorded liabilities. The course also covers the accounting rules related to loss contingencies and the fair value option, ensuring participants are equipped with the knowledge to mitigate inherent risks and enhance the accuracy of liability auditing.

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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.
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Course Specifics

Course ID
Revision Date
January 3, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

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, CPA, is a full-time book and course author who has written more than 300 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 …