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??
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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
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