Surgent's Effective Techniques for Auditing Contingencies and Going Concern
Available Anytime
Location:
Online
2Credits
Accounting and Auditing
Registration is Open
FICPA Members
Nonmembers
$119.00 Regular Price
Product Code: SU24-A3S1-SSWC
Level: Basic
Vendor: Surgent
Field of Study: Auditing
Overview:
In these rapidly changing times, an entity may experience significant uncertainties. This is especially true at this time due to issues entities have experienced as a result of the pandemic declared in March 2020 which are still ongoing for many. New accounting principles issued by the FASB are requiring more estimates which could give rise to significant uncertainties. A primary focus right now for management is the requirement to evaluate entity's ability to remain a going concern. In addition, new audit standards, effective for calendar year end 2021 audits. This module provides tips and techniques for obtaining the audit evidence needed to support conclusions on contingencies and going concern. These issues require disclosure and may result in accruals. (Please Note: This module is part of Surgent's Audit Skills Training: Level 3.)Objectives:
- Describe accounting and auditing requirements for commitments and contingencies
- Discuss litigation, claims and assessment special considerations
- Prepare disclosures for common uncertainties contingencies
- Explain the auditor’s responsibility for evaluating the appropriateness of going concern accounting and disclosure
Major Topics:
- Overview of uncertainties, contingencies, litigation, claims and assessments and related disclosures
- Auditing managements assumptions in making the going concern evaluation
- Evaluating substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time as defined in professional standards.
Designed For:
Accountants responsible for auditing contingencies and going concern uncertaintiesPrerequisite:
NoneAdditional Info:
You will receive an email from [email protected] with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.
For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.