Date: 1/29/2025
Time: 12:00 PM - 2:00 PM EST

CPE Credit: 2 hours
 

For most entities, auditing procedures for goodwill, intangibles and deferred charges will be performed during tests of balances. While management has primary responsibility for recording and periodically measuring these intangible assets, the auditor has responsibility for determining the reasonableness of management’s processes and their valuations of these assets. Realistically, managements of small to medium-size entities often don’t have the training or experience to make such valuations. In these cases, the services of outside specialists may be necessary. To avoid the impairment of the auditor’s independence, in some situations the auditor’s valuation of intangibles may be supervised and approved by client personnel with suitable skill, knowledge and experience.

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