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.
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
Introduction – The State of the Standards
Accounting and Auditing Standards in the United States
Responsibilities of Auditors
Identification and Evaluation of Contrary Information
Auditors’ Evaluation of Management’s Plans
Auditors’ Evaluation of Financial Statement Effects
Consideration of the Effects on the Auditor’s Report
Communication with Persons Charged with Governance
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
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?
Review Question Answers and Rationales
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