Surgent's Going Concern Accounting and Reporting Considerations
2.00 Credits
Member Price $119
Non-Member Price $139
Overview
This course will review the relevant considerations related to going concern, including assessing when substantial doubt concerning an entity’s ability to continue as a going concern exists, management mitigation efforts, and required disclosures both when management, and the accountant, feel such efforts will be effective in mitigating the risk, as well as when they do not. Lastly, we’ll consider the accountant’s reporting responsibilities under various scopes of services in various scenarios and how to audit this often-contentious topic.
Highlights
- Current FASB accounting standards related to going concern, including the new requirements of ASU 2014-15
- Evaluating risk of material misstatement in financial reports related to improper presentation and disclosure of going concern uncertainty
- The responsibility of an independent accountant for evaluating going concern uncertainty under various levels of engagement to perform attest and nonattest services
- New requirements of SAS No. 132 and SSARS No. 24 related to an auditor’s responsibility for considering going concern uncertainty?
Prerequisites
Experience in accounting and auditing
Designed For
Accounting and auditing practitioners assisting in the preparation of financial statements
Objectives
- Differentiate between the external accountant’s and management’s responsibility related to identifying, evaluating, presenting, and disclosing going concern uncertainty
- Discuss how to obtain sufficient appropriate evidence to evaluate management’s assertions about an entity’s ability to continue as a going concern for a reasonable period of time
- Describe the independent accountant’s reporting options under applicable auditing and other professional services standards when uncertainty associated with going concern exists
Preparation
None
Leader(s):
Leader Bios
Richard Daisley, Surgent McCoy CPE, LLC
Rich Daisley, CPA, Rich is an CPA and has over 25 years of experience in the accounting and auditing field. He has worked in both the client service setting as well as in internal capacities as a facilitator of accounting and auditing courses. He was an assurance manager with PwC, spending time in both the assurance practice as well as with PwC’s Capital Markets and Accounting Advisory Services group, where he advised clients on the implementation of new accounting pronouncements as well as on issues related to public offerings. He also worked in PECO Energy’s Merger and Acquisition group, where he performed financial due diligence that supported PECO’s acquisition activity in the energy sector. He has experience in the manufacturing, health care, energy and pharmaceutical industries. Rich also has over ten years of experience as a course developer and facilitator, creating and leading training courses on such topics as revenue recognition, stock based compensation, equity instruments and performing integrated audits under the Sarbanes-Oxley legislation. He also designed and delivered courses on instructor development and facilitation skills to senior PwC internal course instructors.
Non-Member Price $139
Member Price $119