Contingent Liabilities: Accounting and Auditing

Authored by Joanne Flood, CPA-MBA
About this Course
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.
Learning Objectives
  • 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
Key Topics
  • 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
Who will it benefit?
Level 3, Audit Senior/In-Charge identifies the more difficult areas for experienced auditors. Audit Staff Essentials Level 3 courses will give your staff the confidence necessary to begin assuming client and engagement management
$ 85.00
AICPA Member Price: $ 69.00
Course is unavailable for purchase.
NASBA Field of Study
Accounting and Auditing
CPE Credits
Delivery Method
QAS Self-Study
Advance Preparation
Last Updated