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Wednesday, November 3, 2021 Live Webcast

Going Concern Accounting and Reporting Considerations in the COVID-19 Environment (E2111352)

11:00 AM - 12:40 PM EDT

Registration: 10:30 AM EDT

webcast

Vendor Platform

2.0 CPE Credits in AA

OVERVIEW

One of the unfortunate outcomes of the COVID-19 pandemic is the economic stress. Such stress has raised concerns about many entities’ abilities to continue as a going concern, which has significant accounting, disclosure, and reporting implications. This course will review the relevant considerations related to going concern, including when substantial doubt concerning an entity’s ability to continue as a going concern exists, management mitigation efforts, and required disclosures both when management, and the accountant, feel such efforts will be effective in mitigating the risk, as well as when they do not. Lastly, we’ll consider the accountant’s reporting responsibilities under various scopes of services in various scenarios.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

Accounting and auditing practitioners assisting in the preparation of financial statements

BENEFITS

  • Discuss red flags indicating possible going concern uncertainty in the COVID-19 environment.
  • Differentiate between the external accountant’s and management’s responsibility related to identifying, evaluating, presenting, and disclosing going concern uncertainty.
  • Discuss how to obtain sufficient appropriate evidence to evaluate management’s assertions about an entity’s ability to continue as a going concern for a reasonable period of time.
  • Describe the independent accountant’s reporting options under applicable auditing and other professional services standards when uncertainty associated with going concern exists.

HIGHLIGHTS

  • Current FASB accounting standards related to going concern, including the new requirements of ASU 2014-15
  • Evaluating risk of material misstatement in financial reports related to improper presentation and disclosure of going concern uncertainty
  • The responsibility of an independent accountant for evaluating going concern uncertainty under various levels of engagement to perform attest and nonattest services
  • New requirements of SAS No. 132 and SSARS No. 24 related to an auditor’s responsibility for considering going concern uncertainty?

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in accounting and auditing.

ADVANCE PREPARATION

None

INSTRUCTOR

Robert Bedwell

Robert P. Bedwell, CPA

Bob is an accounting and finance professional with over 38 years of audit and accounting experience. Bob’s experience includes a full range of corporate accounting and assurance services, including financial statement preparation, auditing, SEC reporting, mergers and acquisitions, divestitures, due diligence, financing regulatory compliance, accounting system oversight, internal controls, IFRS conversions, Sarbanes-Oxley compliance advisory, and the independent review of external data. He is currently controller at Progressive Care, Inc. Bob has been a discussion leader on numerous topics for Surgent Professional Education, the Florida Institute of Certified Public Accountants and the American Institute of Certified Public Accountants, as well as for the firms for which he has worked, and has received high evaluations for his knowledge of topics and presentation skills. Subject areas for which Bob has served as a discussion leader (and, in some cases, author) include: professional ethics; fraud risk; and a variety of accounting and auditing overviews and standards updates. Bob received his Bachelor of Science in Accounting and Finance from Upsala College in East Orange, New Jersey, and has also earned a Masters in Accounting from Florida Atlantic University. Licensed as a Certified Public Accountant in Florida, Bob is a member of the Florida Institute of Certified Public Accountants (FICPA) and the American Institute of Certified Public Accountants. He has previously served as chairman of the FICPA Accounting Principles and Auditing Standards Committee.

PRICING

$99.00 - Member

$136.50 - Nonmember

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Note: Online pre-registration will close on November 3 at 10:30 AM.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent