In February 2017, the AICPA Auditing Standards Board issued a new auditing standard regarding the requirements for auditors in regards to the going concern assertion. The standard extends the assessment period and provides additional requirements and application guidance that may require additional procedures and evidence for both auditors and companies to consider. This presentation will go through the requirements on an auditor and provide useful insight, for both auditors and those being audited, into the thought process in regards to going concern.and considerations for both acquirers and acquirees.
Understand the new going concern standard.
Understand the new requirements regarding third-party support letter.
Proactively identify the circumstances where the standard is applicable.
CohnReznick
Partner, National Assurance
[email protected]
(646) 601-7740
Steven Morrison is the National Director of Audit at CohnReznick bringing experience as a client service engagement partner, quality control reviewer, and as a standard setter. He has worked with entities in a variety of industries, including automotive dealerships, employee benefit plans, freight forwarding/mail courier, not-for-profit, retail, and wholesale/distribution. His experience encompasses effectively addressing unique accounting and audit issues of entities in the United States, Asia, Europe, Oceania, and the Americas. Steven addresses specific issues for companies in a variety of other industries and has extensive experience in effectively communicating simple and complex technical matters to all levels of personnel. His current responsibilities include firm methodology and consulting on complex accounting, auditing, attestation, and reporting matters.
From 2015 to 2018, he served on the AICPA Auditing Standards Board (ASB), a senior committee that promulgates U.S. Generally Accepted Auditing Standards. Currently, he is a member of the PCAOB’s Standards and Emerging Issues Advisory Group (SEIAG) which advises on existing standards, proposed standards, potential new standards, and on matters other than standards, such as emerging issues, that are of significance to the PCAOB in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.