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??
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
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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SMJ global advisors pvt ltd
New Delhi
B.Com
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