How to Audit Prepaid Expenses

Overview

Understanding how to effectively audit prepaid expenses is a key skill for audit staff. This course provides a comprehensive overview of the fundamentals, including the applicable audit assertions and common risks and threats associated with the prepaid expense balance. Participants will learn how to perform substantive auditing procedures to ensure accuracy and reliability, with guidance on applying these techniques to real-world scenarios. Designed to enhance practical knowledge, this session equips auditors with the tools and confidence needed to navigate prepaid expense audits with proficiency.

Objectives

• Recall the audit assertions applicable to the prepaid expense balance
• Recognize risks & threats related to the prepaid expense balance
• Identify substantive auditing procedures that are used to obtain comfort over prepaid expenses

Highlights

• Pre-paid Expenses
• Auditing
• Yellowbook