Check the flowchart for handling a going concern problem

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Reference no: EM13860349

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Problem 1: Look at the list of potential indicators in ASA 570 and see if any of those exist at MMF.

For part (b) I recommend you look at the flowchart I discussed in the lecture

Problem 2: Make sure you cover the difference between the two types (& supporting references) in your background theory.

The question asks for the appropriate treatment - make sure you cover whether an adjustment and or disclosure is required. You may need to consider also looking at accounting/auditing standards related to the specific items in each scenario.

Problem 3: Watch the YouTube video on subsequent events! Make sure you consider all possible actions that the auditor may request of the client.

Problem 4: Check the flowchart for handling a going concern problem. It could be useful to view the sample audit reports in this week's folder on UTSOnline.

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Reference no: EM13860349

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