Gaining assurance over the completeness of an entity’s liabilities is always an important objective of the audit and in some cases, it can be a key area of focus for stakeholders such as banks and other providers of finance. It’s therefore important that auditors think carefully about their approach to testing in these areas. This session focuses on some of the common challenges that arise when auditing creditors as well as the common pitfalls and how to avoid them. Topics covered will include:

• Understanding the risks relevant to creditors – and developing the plan
• Sampling when testing creditors – key tips and traps
• Audit financing liabilities – important tests to perform
• Evaluating disclosure notes under FRS 102 for small and medium sized companies
• Producing good quality working papers – what file reviewers expect to see on file