Experienced audit staff can look at the bigger picture of auditing by examining contingent liabilities and going concern. Using a comprehensive framework As experienced audit staff, you can expand your ability to use a comprehensive framework by exploring concepts, such as: - Presumption of a going concern - Fair presentation - Necessary disclosures Looking beyond facts and figures As the in-charge auditor, it is important to learn ways to look beyond the current accounting for a transaction and evaluate other considerations, including: - Future implications - An entity's ability to continue as a going concern - Commitments and contingencies - An auditor's responsibility related to litigation claims assessment Other considerations You can also examine other considerations, such as: - Relevant procedures - Required documentation - Liquidation basis of accounting Who Will Benefit - Experienced staff - New in-charge auditors - Firms that want consistent training and level setting Key Topics - Accounting for contingent liabilities, commitments and contingencies - Liquidation basis of accounting - Auditing going concern Learning Objectives - Apply audit objectives and assertions to the practice of auditing commitments and contingencies. - Determine the important accounting considerations for contingent liabilities and going concern. - Identify basic processes, controls, and audit procedures over contingent liabilities, as well as weaknesses and possible solutions. - Identify the requirements under AU-C section 570, *The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern*.