Management's Responsibility for Disclosing Related Parties, Going Concern, Litigation, Estimates, & More
Management is responsible for disclosing all significant related party transactions, assessing the entity's ability to continue as a going concern, and ensuring that any litigation, claims, or assessments against the entity are properly accounted for and disclosed. Additionally, management must make certain that all accounting estimates are based on reasonable and supportable assumptions and are reviewed periodically for accuracy and adjustments.
Lesson Videos
Management's Responsibility for Disclosing Related Parties, Going Concern, Litigation, Estimates, & More Overview
Management's Responsibility for Disclosing Related Parties, Going Concern, Litigation, Estimates, & More Objectives
Introduction to Management's Representation and Responsibility
Reliance on Management Representations
Obtaining Written Representations
Management Representation Letter
Considerations of the Management Representation Letter
Other Representation Letters
Updating the Representation Letter
Scope Limitations and Contingency Treatments
Management Assertions
Going Concern
Accounting Estimates
Pending Litigation
Accounting Changes
Types of Accounting Errors
Notes to the Financial Statements
Management's Responsibility for Disclosing Related Parties, Going Concern, Litigation, Estimates, & More Summary
Management's Responsibility for Disclosing Related Parties, Going Concern, Litigation, Estimates, & More Practice Questions
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