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Going Concern in Times of Uncertainty

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: December, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Terminology: Substantial doubt
    7 mins
  • Management's mitigation plan
    13 mins
  • Auditors responsibilities
    23 mins
  • Auditors documentation & Conclusion
    36 mins
  • Auditors report modified report
    45 mins

Course Description

The ongoing impact of the COVID-19 coronavirus pandemic continues to cause a significant deterioration in economic conditions for many companies and an increase in economic uncertainty for others.

Management needs to assess whether these events or conditions, either individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern or, in severe cases, whether the going concern assumption is still appropriate as a basis for the preparation of the company’s financial statements.

Although some sectors and jurisdictions are more affected than others, all companies across all jurisdictions need to consider the potential implications for the going concern assessment.

The pandemic created a challenging environment for many organizations. Some are finding their ability to continue as a going concern while meeting their obligations as they come due in doubt.

This CPE webinar will cover management and the independent auditor’s responsibilities for fair presentation and disclosure under the relevant financial reporting framework.

The American Institute of Certified Public Accountants (AICPA) Auditing Standards Board issued a new auditing standard SAS 134 that impacts several aspects of an audit.

Change can be difficult, but proper lines of communication and a mutual understanding of the impending change will undoubtedly result in a successful outcome. Management and their auditors should start discussing the impact of these changes as soon as feasibly possible to set each party up for success in the coming audit season

In this CPE course, the speaker will then discuss the auditor’s report format and upcoming changes to the independent auditors' report under SAS 134.

Learning Objectives

  • To analyze management’s fair presentation and disclosure responsibilities relevant to the financial reporting framework.
  • To describe the independent auditor’s responsibilities
  • To discuss the auditor’s report format and upcoming changes to the independent auditor's report relative to going concern.

Recommended For

  • This CPE webinar is recommended for CPAs, CMAs, CIAs, Accounting and auditing practitioners at all levels desiring to remain up to date on recent pronouncements of SAS 134 and who wants to advise their clients on their ability to continue as a going concern while meeting their obligations.

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 1 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 1 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 1 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 1 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
  • 1 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
  • 1 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 1 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CPE Credit for Certification in Risk Management Assurance (CRMA)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Julien Decosimo

Account Executive, CLA

Recent Speaking Engagements:

  • Maryland Society of Certified Public Accountants - Going Concern, April 2021
  • American University - Data Analytics used in Audits of Nonprofit Organizations, March 2021
  • Greater Washington Society of CPAs Non-Profit Symposium, November 2021

Memberships

  • American Institute of Certified Public Accountants (AICPA)
  • American Society for Association Executives (ASAE)

Education

  • Bachelor of Science in accounting with from University of Tennessee, Chattanooga
  • Master’s in business administration from University of Tennessee, Chattanooga

About Company

CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, outsourcing, audit, tax, and consulting services. With more than 7,000 people, 120 U.S. locations and a global affiliation, we promise to know you and help you. For more information visit CLAconnect.com.

Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.

CLA is an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, disability status, protected veteran status, national origin, or any other characteristic protected by law.

EOE/AA Employer/Vets/Disability

Hiring rights: https://www.claconnect.com/general/equal-employment-opportunity

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.3

139 Ratings

Excellent

65

Very Good

57

Average

17

Poor

0

Terrible

0

KK

Kumani Kee, Accountant, AFE, CGAP, CPA (US), IAP, Tax Professional, TEP, PHRi, QAFP, CFE, MRTP

Dec 16th, 2021

I found this CPE to be very informative, as I am a staff auditor and often times operate in a number of engagements on a consistent basis. I like how the presenter addressed the new pronouncements for ASU 2014-15 & SAS 134 & 135. Its good to be refreshed on the updates and what to expect moving forward. Covid has hit a number of entities hard in 2020 and 2021. Its nice to know what to expect moving forward.

PWF

Peter W Fierro, CPA (US)

Dec 16th, 2021

Great presenter. One of the most technical and relevant programs i have seen on my-cpe. And the host/ess is always so courteous and helpful. Another great riddle today!

MG

Michelle Gregonis, CPA (US)

Dec 20th, 2021

Another well-run and timely topic from MyCpe.

SS

Sharon Suppa, CPA (US)

Dec 16th, 2021

No comments.

HS

Herbert Schectman, Accountant, CPA (US)

Dec 16th, 2021

It was okay

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