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Going Concern in Times of Uncertainty

  • CIA
  • CMA
  • CPA (US)
  • IAP

Published: December, 2021

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  • 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
  • Certified Public Accountant
  • 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 for Internal Audit Practitioner (IAP)
  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 CPE Credit for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)

Presenter

About Presenter

Julien Decosimo

Manager Nonprofit Group CLA (CliftonLarsonAllen LLP)

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 (CliftonLarsonAllen LLP)

www.CLAconnect.com/

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

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