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On-Demand and CD-ROM (Available Now)
Periods of economic uncertainty lead to challenging conditions for companies due to potential deterioration of operating results, increased external scrutiny, and reduced access to capital. These conditions can result in the need to apply infrequently used accounting standards or can cause companies to adopt practices that may be inconsistent or incorrect.
During such times of economic uncertainty, an auditor should have a heightened awareness of a company's ability to continue as a going concern, should be able to recognize an impairment of the assets associated with a business line or report on discontinued operations, and should know how to evaluate the reasonableness of management’s stated future plans and estimates.
Through the use of interactive multimedia case studies, you will review the auditors’ obligations in assessing a company’s ability to continue as a going concern, sort through the various accounting standards to determine which ones apply to your client when business changes impair a company’s assets, and learn how to gather and evaluate evidential matter to assess the quality of the client’s estimation process and related key assumptions.