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Financial statements may contain significant uncertainties requiring special audit consideration for evaluating proper accounting and financial reporting treatment. This module provides tips and techniques for obtaining sufficient appropriate audit evidence to support conclusions related to contingencies and going concern uncertainty.

Major Topics:

  • Overview of contingencies and related disclosures
  • Identifying and determining proper accounting treatment for litigation, claims, and assessments
  • Evaluating the sufficiency of attorney’s letter responses for audit evidence
  • Evaluating substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time
  • Auditing managements assumptions in making the going concern evaluation
  • Proper application of the liquidation basis of accounting

 

Learning Objectives

  • Discover and describe accounting and auditing requirements for commitments and contingencies.
  • Identify and discuss litigation, claims and assessment special considerations.
  • Explore and explain the auditor’s responsibility for evaluating the appropriateness of going concern accounting and disclosure.
Last updated/reviewed: June 25, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes that Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

Prerequisites

Course Complexity: Intermediate

Prerequisite: Experience on complex audit engagements.
Designed For: Accountants responsible for auditing contingencies and going concern uncertainties.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  1:04Learning Objectives for Auditing Contingencies and Going Concern Uncertainty
  14:55Introduction to Contingencies
  12:39Loss Contingency Accounting
  8:07Unasserted Loss Contingencies
  18:02Litigation, Claims and Assessments
  10:24Subsequent Period Losses
  10:58Going Concern-Management's Responsibility
  10:46Going Concern-Auditor's Responsibility
  8:15Impacts on Audit and Attest Reports
  5:26Liquidation Basis of Accounting
CONTINUOUS PLAY
  1:40:36Auditing Contingencies and Going Concern Uncertainty
SUPPORTING MATERIAL
  PDFSlides: Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  PDFAuditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM