Going Concern Disclosures and Reporting 5 / 5

Going Concern Disclosures

If GC is appropriate

  • No need to mention GC in their report

If GC not appropriate - and not shown on break up basis

  • Qualify the audit report

  • (unless management agree to alter the financial statements )

If a Material Uncertainty over Going Concern:

  • Explain in Material Uncertainty on Going Concern paragraph. State opinion is not qualified.

  • Modify opinion if not explained properly by Management in the accounts

If NOT on Going Concern basis

  • Always refer to it in the report in an ‘emphasis of matter’ paragraph

We use cookies to help make our website better. We'll assume you're OK with this if you continue. You can change your Cookie Settings any time.

Cookie SettingsAccept