Going concern: Auditors' responsibilities and implications for audit reports

The assumption that an entity will continue as a going concern is fundamental to the preparation of an entity’s financial statements. ISA 570(R) provides guidance on the auditor’s responsibility in the audit of financial statements with respect to the going concern basis of accounting and management’s assessment of the entity’s ability to continue as a going concern. Although this standard is applicable to audits, the concepts are similar in an independent review and even the compiler of financial statements, can benefit from understanding these principles. Complete this course for a comprehensive understanding of the ISA 570(R) requirements and the practical application thereof.