Going concern considerations - audit process, Auditing

Going Concern Considerations - Audit Process

IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie the periodic financial statements of enterprises.  The meaning of going related can be said to be such the financial statements assume which the enterprise will continue in operational existence for the foreseeable future, or place another way the financial statements assume no intention or requirement to liquidate or curtail considerably the scale of operation or place more easy that the enterprise can meet its financial obligations like they fall due.  The going related idea is very fine established in accounting and there is an authoritative document, ISA 570 Going related. The student is recommendation to read it in detail.  The points to note still are:

i. The significance of the principle

ii. The auditor's responsibility

iii. Showing of the inapplicability of the principle

iv. Counter shows

v. Audit process

vi. The impact on audit reports in exercise.

Posted Date: 1/28/2013 1:55:58 AM | Location : United States







Related Discussions:- Going concern considerations - audit process, Assignment Help, Ask Question on Going concern considerations - audit process, Get Answer, Expert's Help, Going concern considerations - audit process Discussions

Write discussion on Going concern considerations - audit process
Your posts are moderated
Related Questions
Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri

Irregularities: Irregularities can be explained as intentional distortions of financial statements for whatever reason and also as misappropriation of possessions whether or no

The International Auditing and Assurance Standards Board The IAASB is a Board familiar by IFAC. The associates of the IAASB are selected by the IFAC Board to serve on IAASB. IA

Audit Risk and Business Risk We saw in earlier studies that audit risk is often categorized as the product of inherent risk, control risk and detection risk. Auditors should

IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments.  Corresponding IAS 36, 'impai

Provide the data regarding all about auditing of Newspaper agencies

Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a

It is a compulsory audit Completed by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues.

Concept of Audit Evidence The auditing is an evidence gathering exercise.  It is an exercise continued out to confirm the assertions made through the management in carrying ou

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi