Going Concern Disclosures and Reporting 4 / 4

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

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