93 paragraphs found
It is not the auditor’s responsibility to rectify the lack of analysis by management. In some circumstances, however, the lack of detailed analysis by management to support its assessment may not prevent the auditor from concluding whether management’s …
In other circumstances, evaluating management’s assessment of the entity’s ability to continue as a going concern, as required by paragraph 12, may include an evaluation of the process management followed to make its assessment, the assumptions on which …
Most financial reporting frameworks requiring an explicit management assessment specify the period for which management is required to take into account all available information. …
In many cases, the management of smaller entities may not have prepared a detailed assessment of the entity’s ability to continue as a going concern, but instead may rely on in‑depth knowledge of the business and anticipated future prospects. …
Continued support by owner‑managers is often important to smaller entities’ ability to continue as a going concern. Where a small entity is largely financed by a loan from the owner‑manager, it may be important that these funds are not withdrawn. For …
Other than enquiry of management, the auditor does not have a responsibility to perform any other audit procedures to identify events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern beyond the period …
Evaluating management’s plans for future actions may include enquiries of management as to its plans for future action, including, for example, its plans to liquidate assets, borrow money or restructure debt, reduce or delay expenditures, or increase …
In addition to the procedures required in paragraph 16(c), the auditor may compare: The prospective financial information for recent prior periods with historical results; and The prospective financial information for the current period with results …
Where management’s assumptions include continued support by third parties, whether through the subordination of loans, commitments to maintain or provide additional funding, or guarantees, and such support is important to an entity’s ability to continue …