If there is no business activities in the Private Ltd Company (Share Capital 75 lakhs) since 4-5 years, Is it important to add Going Concern Point in Independent Audit Report as per Companies Act 2013.
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Query regarding Company Audit
Replies (2)
Yes going concern is a mandatory concept it has to be report in Independent Audit Report
Also check the networth of the company, the position of working capital etc. Management is required to give a note in FS on the basis of preparation of accounts under going concern. Auditor to comment in Auditor's report ( may be through EOM) on Going Concern depending on the facts of the case.
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