When an auditor concludes there is substantial doubt about a continuing audit clientâ€™s ability to
When an auditor concludes there is substantial doubt about a continuing audit clientâ€™s ability to continue as a going concern for a reasonable period of time, the auditorâ€™s responsibility is to
- Issue a qualified or adverse opinion, depending upon materiality, due to the possible effects on the financial statements.
- Consider the adequacy of disclosure about the clientâ€™s possible inability to continue as a going concern.
- Report to the clientâ€™s audit committee that managementâ€™s accounting estimates may need to be adjusted.
- Reissue the prior yearâ€™s auditorâ€™s report and add an explanatory paragraph that specifically refers to â€œsubstantial doubtâ€� and â€œgoing concern.â€�
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