Financial statements may contain significant uncertainties requiring special audit consideration for evaluating proper treatment in accordance with generally accepted accounting principles and relevant auditing standards. This module provides tips and techniques for obtaining sufficient appropriate audit evidence to support conclusions.
Accountants responsible for auditing contingencies and going concern uncertainties
* Describe accounting and auditing requirements for commitments and contingencies * Discuss litigation, claims and assessment special considerations * Explain the auditor's responsibility for evaluating going concern
* 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 * Auditing managements assumptions in making the going concern evaluation * Proper application of the liquidation basis of accounting
Experience on complex audit engagements