If a company has been making cash losses for the past 2 years but however the networth of the company is still positive because of the share premium, is the audit report clause stating the clause that the company has incurred cash losses in the financial year and in the immediately preceeding financial year to be in ITALICS.
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Audit qualification
Replies (2)
Yes as that Auditor has to qualify about the Cash Losses , so he will not take into consideration the NET WORTH. So if any company is making cash Loss , then he has not state in ITALICS and asking the concern whether Going Concern is going to be affected.
yups it has to mentioned in italics..coz wat is relevant is cash loss and not net worth,...
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