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Statements of Auditing

Standards Number 59
AU-341
Auditors Consideration of an Entitys
Ability to Continue as a Going Concern

Going Concern
Continue to meet obligations
Meet debt obligations
Meet dividend obligations
Produce profit

Reasonable Period of Time


AU 341: non to exceed one year
beyond the date of the financial
statements being audited.

Auditor Responsibilities
Use normal audit procedures to assess
continuance

Analytical Procedures
Review debt agreements
Examination of documents
Substantive audit procedures
Other information as necessary

Auditor Responsibilities
Influenced by four areas

Negative trends
Internal Matters
External Matters
Other indicators of
financial difficulties

Auditor Responsibilities
Managements plans to
mitigate adverse events

Disposal of assets
Borrow money
Equity Financing
Reduce expenditures

Auditor Responsibilities
Substantial doubt still exists?
Explanatory paragraph
Required due to departure from GAAP
Communicate doubt to corporate
governance
Qualified (except for) opinion
Adverse opinion

Auditor Responsibilities
Previous period
Current opinion no effect
Eliminated in current period?
AU 9341:

No reissue requirement
Guidance for modification or reissue

Conclusion

Going concern & GAAP


Level of doubt
Duty of auditor
Professional and objective opinion

References:

American Institute of Certified Public Accountants.(2013a) Statements on auditing standards. Retrieved from
http://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx
American Institute of Certified Public Accountants.(2013b) The Auditors consideration of an entitys ability to
continue as a going concern. (page 491). Retrieved from
http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00341.pdf\
American Institute of Certified Public Accountants.(2013c) The Auditors consideration of an entitys ability to
continue as a going concern. (AU.341.02). Retrieved from
http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00341.pdf\
American Institute of Certified Public Accountants.(2013d) The Auditors consideration of an entitys ability to
continue as a going concern. (AU.341.06). Retrieved from
http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00341.pdf\
American Institute of Certified Public Accountants.(2013e) The Auditors consideration of an entitys ability to
continue as a going concern. (AU.341.07). Retrieved from
http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-00341.pdf\
American Institute of Certified Public Accountants.(2013f) The Auditors consideration of an entitys ability to
continue as a going concern. (AU.9341.02). Retrieved from
http://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-09341.pdf\

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