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: March 12, 2024
Included In Certifications
This course is included in the following Certification Programs:
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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
courses@illumeo.com.

Jennifer LouisCPA, President of Emergent Solutions Group LLC