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Contingent Liabilities: Accounting and Auditing - Audit Staff Essentials, Level III

Author/Moderator: Joanne Flood, CPA-MBA
Publisher: AICPA
Availability: Online Access
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The FASB Accounting Standards Codification requires that when a loss is probable and the amount of the loss can be reasonably estimated, then the loss should be recognized in the financial statements. For losses that do not meet the criteria for recognition, disclosure may be required.

Applying the criteria in the accounting standards is sometimes difficult and can create audit risk. In this course, you'll review the accounting rules, learn techniques for auditing for contingent liabilities, and then practice what you've learned in real-life, interactive case studies.

For example, you'll learn what to look for in lawyers' letters - what language is acceptable and what's overly qualified. You'll also learn how to assess management's ability to estimate losses.

Topics Discussed:

  • Accounting guidance surrounding contingent liabilities and losses
  • Assessing the risk of estimates surrounding contingent liabilities
  • Designing and performing audit procedures
  • Completeness concerns
  • Applying professional skepticism to auditing contingent liabilities

Learning Objectives:
When you complete this course, you will be able to:

  • Apply the recognition, measurement, and disclosure criteria described in the FASB Accounting Standards Codification
  • Perform auditing procedures to test the reasonableness of an estimate of a contingent liability

Prerequisite: At least 20 months of audit experience

Advanced Preparation:  None

NASBA Field of Study: Accounting and Auditing
Level: Intermediate
Recommended CPE Credit: 2
Contingent Liabilities: Accounting and Auditing - Audit Staff Essentials, Level III
CPE On-Demand , 2014
Product# 150224
Availability: Online Access 365 Day
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