Auditing Contingencies and Going Concern Uncertainty – Testing for Completeness and Proper Disclosur

Recognize accounting and auditing requirements for commitments and contingencies
Identify litigation, claims and assessment special considerations
Recall the auditor's responsibility for evaluating the appropriateness of going concern accounting and disclosure

Highlights

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 as a going concern for a reasonable period of time
Auditing managements assumptions in making the going concern evaluation
Proper application of the liquidation basis of accounting