Log Out

Auditing Contingent Liabilites and Going Concern

 
2
Registration is Open
VSCPA Members
$99.00 Regular Registration
Nonmembers
$129.00 Regular Registration
Designed For:

Experienced staff
New in-charge auditors

Many people envision auditing as performing procedures on various account balances and classes of transactions. They picture auditors confirming, vouching, and generally ticking and tying all the amounts on financial statements. As important as these procedures are, as auditors we understand there is a much bigger picture.

Whether we are reporting under generally accepted accounting principles (GAAP) or a special purpose framework, our objective is much broader. The requirements of the applicable financial reporting framework, whatever it may be, go beyond the numbers represented by its measurement principles. A comprehensive framework will include concepts such as the presumption of a going concern and fair presentation. What disclosures need to be present in addition to those related to the various account balances and classes of transactions in order for the user to not be misled?

This CPE course will tackle some larger, conceptual considerations. These are still based in financial figures and facts, but many times require the auditor to take a step back and look at the larger picture, considering not only the current accounting for the transaction, but the future implications. The accounting and audit requirements of 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 assessments-will be presented. The chapter will discuss the procedures and documentation that are required for situations typically required in this audit area. Additionally, an overview of the liquidation basis of accounting will be presented.

Delivery Method: Self Study
CPE Credit: Auditing
Program Level: Intermediate

Related Events

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.