Description
The Going Concern concept is a fundamental underlying assumption in preparing financial statements. The Going concern-assessment is a two-step process consisting of two parties being management and auditors. IAS 1 states that when preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern. Subsequently, auditors are required to assess the process followed by management in conducting this assessment. During this session we will discuss, both management’s and auditors’ responsibilities (as outlined within ISA 570), with respect to the going concern assessment. We shall delve into the considerations to be made by both parties, the disclosures to be included within the financial statements and the impact on the audit opinion.
