Self-Study
1
Basic
Accounting
There are no prerequisites.

Course Description

Understanding the issues surrounding going concern accounting in todays' business world is critical. This course by Larry Perry covers the applicable technical pronouncements for going concern financial statements, including technical references, detailed examples, and suggested questions for the auditor to consider when performing an audit. You'll gain a complete understanding of what to look for, how to classify, and how to report the feasibility and financial outlook of an institution's financial future related to going concern issues.



Instructor

Larry L. Perry, CPA

Larry L. Perry, CPA, has been in practice for over 40 years. He writes accounting and auditing manuals and is currently an author and presenter of live staff training seminars, live webcasts, and self-study CPE programs, including self-study courses for Western CPE.

He’s a managing member of CPA Firm Support Services, LLC, an organization that provides resources, training, and consulting to smaller CPA firms. Larry focuses on practical ways to perform effective and efficient accounting and auditing engagements.



Course Specifics

Accounting
May 30, 2017
There are no prerequisites.
SS1153420
37
None


Compliance Information

103220
Qualifies for CA Fraud: 1 CA Fraud


Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Identify the fundamental concepts of the going concern assumption.
  • Identify information contrary to the going concern assumption.
  • Cite the responsibilities for management and auditors in detecting, disclosing, and reporting on going concern issues.


Table of Contents

Learning Objectives

Introduction – The State of the Standards

Accounting and Auditing Standards in the United States

ASU 2014-15

Why Issued?

Major Provisions

AU-C 570

Responsibilities of Auditors

Audit Procedures

Identification and Evaluation of Contrary Information

Auditors’ Evaluation of Management’s Plans

Auditors’ Evaluation of Financial Statement Effects

Written Representations

Consideration of the Effects on the Auditor’s Report

Communication with Persons Charged with Governance

Audit Documentation

Concerns about Going Concern

Some Practical Planning Questions for Audits and Reviews

Management’s and Auditor’s Evaluation of Contrary Information

The Nature and Extent of Management’s Plans and Auditors’ Evaluations

Chrysler’s Management Plan

The Auditors’ Dilemma

A Model for Today

Going Concern Reporting Options for Audits

Emphasis of a Matter Paragraph

Qualified Opinion

Adverse Opinion

Auditor’s Reasoning:

Reporting on the Going Concern Assumption for Compilations and Reviews

Going Concern Issues

Illustrative Review Report Wording

Illustrative Compilation Report Wording

An Illustrative Footnote

Are You Asking the Right Questions?

Conclusion

Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation

 

 



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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