|Available Formats:||On-Demand | See All|
Save when you buy the complete Audit Staff Essentials, Level 3 – Audit Senior/In-Charge bundle.
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.
When you complete this course, you will be able to:
Prerequisite: At least 20 months of audit experience
Advanced Preparation: None