Going Concern: SAS 132
Author: Pat Patterson
| CPE Credit: |
2 hours for CPAs |
Expert Pat Patterson, CPA, guides you through the new professional standard SAS 132 from the AICPA’s Audit Standards Board (ASB). “The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern” represents many significant changes in authoritative professional standards concerning going concern issues. This topic represents changes to the Generally Accepted Auditing Standards (GAAS) concerning “going concern” reporting for entities. The changes Supersede Statement on Auditing Standards (SAS) No. 126, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern [AICPA, Professional Standards, AU-C sec. 570]; amends SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, section 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks, as amended, and section 930, Interim Financial Information [AICPA, Professional Standards, AU-C sec. 800 and 930].
Publication Date: March 2021
Designed For
Professionals in public practice, industry, government, and education who deal with or are a part of entities that may have a going concern issue.
Topics Covered
- Overview of SAS 132
- In Front of the Issues
- Changes
- Going Concern and Audit Problems
- Background
- Two Step Process
- Substantial Doubt and the Auditor
- Disclosures
- Auditor Considerations
- Auditor's Responsibilities
- Substantial Doubt
- Going Concern Conditions or Events
- Differences: Management vs Auditors
- COVID”19 Issues
- Tips for Auditors (and Management)
- COVID”19 Considerations
Learning Objectives
- Identify updates on ASB's No.132
- Describe updates on selected AICPA Auditing Standards
- Describe updates on Selected FASB Standards
- Recognize and apply Going Concern Audit Deficiencies
- Identify updates on selected related and connected issues
- Differentiate SASs superseded by the new standards
- Describe correct statements regarding SAS No. 132
- Differentiate ASU Sections and how they apply
- Identify a going concern condition or event related to the supply chain
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Participants should have a general knowledge of generally accepted accounting principles.
Advance Preparation
None
