Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Is there any responsibility of the external auditor to evaluate the going concern assumption of the client for more than twelve months of financial statements date?

user-image
Question added by Abu Bakar Ashfaq , Senior Consultant , PricewaterhouseCoopers Middle East
Date Posted: 2016/02/08
Duncan Robertson
by Duncan Robertson , Strategy Consultant , Duncan Robertson Consultancy

Yes.   The going concern assumption is the basis of the entire audit process.  If there is any concern at all it is imperative that this is communicated.

When considering audit qestions, remember who you are working for.  It's the shareholders.  Your only task is to make sure that the directors and employees - the people you meet during the audit - are neither criminal nor incompetent.  In other words, what would you want to know if all of the life savings of your entire family were invested in the company you are auditing?

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.