Self-Study

Auditing Prepaid and Other Current Assets

Normally smaller accounts on an entity's balance sheet, prepaid and other current assets represent smaller individual items but may be significant to the entity nonetheless.
Commonly consisting of prepaid expenses that must be recognized on a pro rata basis and other assets such as investments, short-term notes, and industry-specific transactions (for instance, costs in excess of billings), these accounts often require complex estimates.

This CPE course will provide the knowledge necessary for a new staff member to successfully audit prepaid and other current assets.

Objectives

Recall the audit objectives and related assertions applicable to prepaid and other current assets.
Identify the steps for risk assessment and identify the common risks found in the prepaid and other current assets area.
Identify internal controls commonly encountered in the area of prepaid and other current assets.

Highlights

Relevant professional standards related to auditing prepaid and other current assets
Audit objectives and assertions for prepaid and other current assets
Risk assessment for prepaid and other current assets
Application of guidance and a prepaid and other current assets case study

Additional Information

Designed For

Recently onboarded staff
First-year staff
Firms that want consistent training and level setting

Vendor

American Institute of CPAs

Field of Study

Auditing

Course Number

17AIS0105

Level of Knowledge

Basic

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