AS PER FUNDAMENTAL ACCOUNTING ASSUMPTIONS A BUSINESS SHOULD BE GOING CONCERN CONCEPT . BUT WHILE AUDITING IF WE COME ACROSS A BUSINESS WHICH IS NOT A GOING CONCERN COCEPT THEN WHAT SHOLULD BE FURTHER IMPORTANT POINTS TO BE NOTED WHILE DOING AUDITING? OR FURTHER PRECAUTIONS SHOULD BE TAKEN BY AUDITOR??
Menu
IMP
Replies (4)
Hi friend,
You should qualify your audit report and must raise a point on this issue.
but wat type of points should i raise ?????????????
You should qualify that the company has not qualified with the AS-1 which says the entity is a going concern. Also, as the entity is not a going concern you should qualify the freport from the point opf view future prospects.
Regards,
Nikhil Rungta
THNX DEAR
Recent Topics :
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
- TDS on rent paid to RNOR Landlord. Can RNOR US tax
- PAN CANCELLATION OF A DISSOLVED PARTNERSHIP FIRM
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
- Advance Tax Due Date 2026
- Query – Interest on Capital Received by Part
- Query - Section 164(2)(a) – Interpretation o
Related Topics :
CAclubindia
