Long-term debt recognition and measurement can be problematic. New staff can learn about issues related to confirming balances, recalculating accrued interest, and recognizing interest expense. Long-term debts decoded You can learn about recognizing and measuring long-term debt by examining various topics, such as: - Relevant professional standards - Audit objectives and assertions - Challenging issues related to presentation and disclosure Long-term debt auditing mechanics Knowing the more mechanical side of auditing debt is essential to your audits. You can gain an understanding of long-term debt auditing mechanics, including how to: - Confirm balances - Recalculate accrued interest - Recognize interest expenses - Draft working papers with sufficient appropriate evidence to support related financial statement disclosures Who Will Benefit - Recently onboarded staff - First-year staff - Firms that want consistent training and level setting Key Topics - Relevant professional standards - Audit objectives and assertions - Risk assessment and commonly identified risks - Common audit procedures Learning Outcomes - Recall the audit objectives and related assertions in the debt area. - Identify the basic audit procedures over the debt process, including those surrounding risk and fraud.