Going ConcernThe Public Company Accounting Oversight Board (PCAOB) has expressed interest in the following issues related to goingヽoncern modified audit opinions (GCOs): auditor's communication of factors that led to the GCO, the role of liquidity versus other factors in GCOs, and the subsequent...
In the exam it is important to remember that going concern is therefore not just something considered at a particular stage in the audit cycle, but should be an issue that permeates the whole performance and review of an audit. Auditors should consider going concern ...
The auditor will consider the adequacy of the disclosures made in the financial statements by management. If the auditor considers that the going concern basis is appropriate and that the disclosures are adequate, then the audit opinion will be unmodified and the auditor...
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months. Management is required to disclose this fact and must provide the reasons why they may not be a going concern. Management must also identify the basis in which the financial statements are prepared and often disclose these financial reports with an audit report with a going concern ...
This proposal comes after several scandals related to audit reporting on going concern have decreased user confidence in the audit profession. We achieve this objective by examining comment letters sent to the IAASB by respondents from the EU. We have found that most of the replies either have ...
internal auditor. The hiring manager mentioned I would need to be a “little familiar with SOX”. The job posting only asks for a BS in accounting and doesn’t mention a CPA license. I clearly don’t handle SOX compliance in my day to day, but I am familiar with the basics of the ...
This study explores the value of the audit report in the context of the going concern qualification (GCQ) decision along the joint dimensions of auditor competence and independence. Likelihood of company failure, auditor switch rates, the self-fulfilling prophecy argument and audit firm size are ana...
But going concern should be considered at all stages of the audit, not just in terms of specific procedures. It is important to remember that going concern is not just something considered at a particular stage in the audit cycle, but should be an issue that permeates the whole performance ...
Public Pol. 25 (6), this issue] provide some valuable insight on auditors' choice of going concern audit reports in an environment where the civil justice system affords, from the standpoint of the plaintiff, fewer remedies and is more difficult to file a complaint than it is in the US. ...