Going Concern

Overview:

Management is responsible for performing an assessment of the entity’s ability to continue as a going concern based on the requirements of the applicable accounting framework. The auditor is responsible for evaluating and concluding on the appropriateness of management’s use of the going concern basis of accounting, and determining whether a material uncertainty exists about the entity’s ability to continue as a going concern. Some auditors perform their own detailed assessment, rather than evaluating management’s assessment. Others evaluate management’s assessment, but omit key considerations during their evaluation, or fail to report on deficiencies in the report to management and the audit report.

This training will give participants an understanding of going concern procedures and related documentation.

Content and outline

To explain the following concepts and demonstrate their practical application:

• Knowledge of the business
• Going concern risk assessment
• Evaluating management’s going concern assessment
• Further procedures
• Reporting deficiencies in management’s assessment
• Going concern conclusion and impact on audit report.

Certification

Upon completion of the training, participants will receive a verifiable attendance certificate.