Experienced Staff/New In-Charge - Auditing Contingent Liabilities and Going Concern

Overview

This CPE course can be purchased individually or as part of the Audit Staff Essentials - Experienced Staff/New In-Charge staff training bundle.

Understand how a comprehensive framework includes concepts such as the presumption of a going concern and fair presentation, and recognize what disclosures need to be present.

Look beyond the figures and facts to consider not only the current accounting for the transaction, but also the future implications, such as the entity's ability to continue as a going concern, as well as commitments and contingencies - including the auditor's responsibility related to litigation claims assessment.

Consider the procedures and documentation required as well as the liquidation basis of accounting.

Highlights

Key Topics

• Auditing contingent liabilities
• Liquidation basis of accounting
• Auditing going concern

Prerequisites

1-2 years of auditing experience

Designed For

Who Will Benefit

• Experienced staff
• New in-charge auditors
• Firms that want consistent training and level setting

Objectives

Learning Outcomes

• Determine the important accounting considerations for contingent liabilities and going concern.
• Identify basic processes, controls, and audit procedures over the contingent liabilities and identify weaknesses and possible solutions.
• Identify the requirements under AU-C section 570, The Auditors Consideration of an Entity's Ability to Continue as a Going Concern.'