Evaluate going concern uncertainty, disclosures, and auditor reporting for private-company financial statements under current US standards
3 sections · 6 lessons
Define the private-company look-forward period, then evaluate whether conditions, events, and cash needs make substantial doubt probable within that window.
2 lessonsAssess whether management's plans are probable of being implemented and sufficient to cover the shortfall, then draft the required ASC 205-40 disclosures for both outcomes.
2 lessonsApply AU-C 570 procedures to management's assessment and plans, then decide how going concern uncertainty affects the auditor's report and documentation.
2 lessonsPrivate-company going concern questions start with when the evaluation window begins and whether conditions make it probable the entity cannot meet obligations as they come due. This course builds practical judgment under ASC 205-40 and AU-C 570, from management’s assessment and mitigation plans through required disclosures and auditor report effects. It is aimed at auditors and financial reporting staff who need to apply the rules to real cases, not just recite them.
The course covers the one-year look-forward period for private companies, the conditions and events that can create substantial doubt, and how management tests whether its plans can alleviate that doubt. It also covers the required ASC 205-40 disclosures, auditor procedures under AU-C 570, and the reporting implications when going concern uncertainty remains.
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