Wk 5-1 Assign please explain for better understanding on the topic

• Use the understanding of the client and its environment to consider inherent risks (including fraud risks) related to accounts payable.
• Assess the risks of material misstatement of accounts payable.
• Design further audit procedures, including tests of controls and substantive procedures, to address the risks.
• Obtain an understanding of internal control over accounts payable.
• Describe the nature of debt.
• Obtain an understanding of internal control over the financing cycle.
• Describe the auditor's objectives in auditing debt.
• Describe the nature of equity accounts.