Using a comprehensive framework
As experienced audit staff, you can expand your ability to use a comprehensive framework by exploring concepts, such as:
- Presumption of a going concern
- Fair presentation
- Necessary disclosures
As the in-charge auditor, it is important to learn ways to look beyond the current accounting for a transaction and evaluate other considerations, including:
- Future implications
- An entity's ability to continue as a going concern
- Commitments and contingencies
- An auditor's responsibility related to litigation claims assessment
Other considerations
You can also examine other considerations, such as:
- Relevant procedures
- Required documentation
- Liquidation basis of accounting
Who Will Benefit
- Experienced staff
- New in-charge auditors
- Firms that want consistent training and level setting
Key Topics
- Accounting for contingent liabilities, commitments and contingencies
- Liquidation basis of accounting
- Auditing going concern
Learning Objectives
- Apply audit objectives and assertions to the practice of auditing commitments and contingencies.
- Determine the important accounting considerations for contingent liabilities and going concern.
- Identify basic processes, controls, and audit procedures over contingent liabilities, as well as weaknesses and possible solutions.
- Identify the requirements under AU-C section 570, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern.