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The auditor considers such items as negative trends in operating results, loan defaults, denial of trade credit from suppliers uneconomical long-term commitments, and legal proceedings in deciding if there is a substantial doubt about an entity's ability to continue as a going concern. If so, the auditor must draw attention to the uncertainty ...
However, if the auditor considers that the auditee is not a going concern, or will not be a going concern in the near future, then the auditor is required to include an explanatory paragraph before the opinion paragraph or following the opinion paragraph, in the audit report explaining the situation, [8] [9] which is commonly referred to as the ...
Here, also, is the going concern opinion. This is the opinion of the auditor as to the viability of the company. Look for "unqualified opinion" expressed by auditor. This means the auditor had no hesitations or reservations about the state of the company, and the opinion is without any qualifications (unconditional).
'Quite often going concern was raised,' Hemione Hudson, head of audit at PwC, told MPs on Tuesday. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 ...
An auditor has raised doubts about the ability of former President Donald Trump's publicly traded company to stay in business, according to a new regulatory filing.. Trump Media and Technology ...
Amendment to Statement on auditing standards no. 122, Section 700, Forming an opinion and reporting on financial statements: January 2016: In effect 132: The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern: February 2017: In effect 133: Auditor Involvement With Exempt Offering Documents: July 2017: In effect 134
An example of the negative effects a long-term tenure has on auditor independence is the consideration to issue a going-concern opinion. For example, if an auditor has been auditing a firm for over 10 years, they may brush off a large problem in the company and issue a clean opinion because they believe that they are familiar with the company.
In June 1994 the auditor reported a ‘fundamental uncertainty’ about whether the company would continue as a going concern. (Importantly, this was not, however, what is known as a ‘going concern qualification’ of the accounts which would amount to an expression of the auditor's ‘significant doubt’ about the company's ability to ...