On-Demand

2 CPE

Surgent's Going Concern Accounting and Reporting Considerations

On-Demand
2 CPE

This course is delivered as a recorded video. After completing all sessions, you must pass the final exam with a minimum score of 70% to receive credit.

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.

Learning 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?

CPE Credits Available

2 CPE
2
Accounting

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Accounting & Auditing
  • Peer Review

Prerequisites

Experience in accounting and auditing

Advanced Preparation

None

Intended Audience

Accounting and auditing practitioners assisting in the preparation of financial statements

Provider

Surgent CPE

Purchase This Course

  • COCPA Member

    $ 89 89
    Join

  • COCPA Non-Member

    $ 116 116
    Your Price

Please login to register.