Surgent's Going Concern Accounting and Reporting Considerations

Available Anytime

Location: Online

2Credits

Accounting and Auditing

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$119.00 Regular Price

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Product Code: SU24-AGC2-SSWC

Level: Intermediate

Vendor: Surgent

Field of Study: Accounting

Overview:

This course will review the relevant considerations related to going concern, including assessing when substantial doubt concerning an entity's ability to continue as a going concern exists, management mitigation efforts, and required disclosures both when management, and the accountant, feel such efforts will be effective in mitigating the risk, as well as when they do not. Lastly, we'll consider the accountant's reporting responsibilities under various scopes of services in various scenarios and how to audit this often-contentious topic.

Objectives:

Differentiate between the external accountant’s and management’s responsibility related to identifying, evaluating, presenting, and disclosing going concern uncertainty
Discuss how to obtain sufficient appropriate evidence to evaluate management’s assertions about an entity’s ability to continue as a going concern for a reasonable period of time
Describe the independent accountant’s reporting options under applicable auditing and other professional services standards when uncertainty associated with going concern exists

Major Topics:

Current FASB accounting standards related to going concern, including the new requirements of ASU 2014-15
Evaluating risk of material misstatement in financial reports related to improper presentation and disclosure of going concern uncertainty
The responsibility of an independent accountant for evaluating going concern uncertainty under various levels of engagement to perform attest and nonattest services
New requirements of SAS No. 132 and SSARS No. 24 related to an auditor’s responsibility for considering going concern uncertainty?

Designed For:

Accounting and auditing practitioners assisting in the preparation of financial statements

Prerequisite:

Experience in accounting and auditing

Additional 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.