If the Going Concern questions are not resolved, the auditor must adequately disclose in his report the
Question:
If the Going Concern questions are not resolved, the auditor must adequately disclose in his report the principal conditions that raise doubt about the entity’s ability to continue in operation in the foreseeable future. What are the characteristics of this disclosure?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
If the Going Concern questions are not resolved the auditor must adequate...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Principles of Auditing An Introduction to International Standards on Auditing
ISBN: 978-0273768173
3rd edition
Authors: Rick Hayes, Philip Wallage, Hans Gortemaker
Question Posted:
Students also viewed these Business questions
-
If the going concern assumption is not made in accounting, what difference does it make in the amounts shown in the financial statements for the following items? (a) Land. (b) Unamortized bond...
-
Instructions (a) Explain the meaning and implications of the going concern assumption in financial accounting. (b) If the going concern assumption did not apply in accounting, how would this affect...
-
Mini- Case: Going- Concern Reporting. Refer to the mini-case GM: Running on Empty on page C11 and respond to questions 1 6. 1. Reviewing GMs financial information in GM Exhibit 1 and its stock price...
-
On January 1, 2011, Devco acquired cum div. all the shares of Brooke, at which date the equity and liability sections of Brookes statement of financial position showed the following balances: Share...
-
Hayes Company is considering two capital investments. Both investments have an initial cost of $10,000,000 and total net cash inflows of $17,000,000 over 10 years. Hayes requires a 12% rate of return...
-
On April 1, 2014, Pettington Corp. issues 7-percent, 10-year bonds payable with a maturity value of $3,000,000. The bonds pay interest on March 31 and September 30, and Pettington Corp. amortizes...
-
In what types of organizations and for what purpose are transfer prices used?
-
Easy Living Industries manufactures carpets, furniture and cushions in three separate divisions, the company's profit statement is presented below: Additional information regarding Easy Living...
-
Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $308,000, and the sales mix is 60% bats and 40% gloves. The unit selling price and the...
-
A non-EU European country has recently been paralyzed by the direct action of truck drivers who are angry at a package of regulations that the government is considering introducing. Discussion...
-
The auditors report on special purpose financial statements shall include an emphasis of matter paragraph. Why is this necessary?
-
Form of the audit report. The most common type of audit report is the standard unqualified report. Required: A. Review Illustration 12.2, the standard wording of the IAS audit report and Illustration...
-
Giblet Services was organized on February 1, 2008. A summary of the revenue and expense transactions for February follows: Fees earned ............. $479,280 Wages expense ............. 310,600 Rent...
-
a) derive Equation of motion b) what is natural Period c) determine response of system to Support Motion d) determine the moment transmitted to the right end of the shoft
-
What are securities and how do they function in the financial markets? 2. What is the difference between stocks and bonds as types of securities? 3. How do securities markets, such as stock...
-
Describe two areas you believe you need to improve in order to become better at your job. Also describe two of your best skills/ strengths in reference to your job.
-
Analyze how HR can help organizations manage benefits thus contributing to profitability. Examine the impact of legally required benefits and discretionary benefits on a company's budget Explain how...
-
Tesco's International Growth Strategy Tesco is the largest grocery retailer in the United Kingdom, with a 25 percent share of the local market. In its home market, the company's strengths are reputed
-
What potential problem might arise if time fences are not used? Why?
-
The process of collaborative goal setting by a manager and subordinate, the extent to which goals are accomplished is a major factor in evaluating and rewarding the subordinate's performance. It is...
-
Describe the Myers-Briggs Type Indicator ( MBTI ) personality framework. Based on the framework, what would you think was your personality type? Why?
-
Identify and describe the five traits of the Big Five personality model.
-
What are two attributes of values? Why are values important in organizational behavior?
-
In evaluating the financial performance of a business that is for sale, the potential new owner should compare financial ratios to: Multiple Choice their business plan. their largest competitor....
-
The following day you receive a $600 cash payment for a two week (14 days) rental period, starting the 8th of February 2022. This payment is received from Paul Stone, 2 Watchtower Way, Torquay. There...
-
Gastow Pumps is a manufacturer of commercial and heavy industrial Pumps. The firm's two product lines are called Directlift and Gravity. The primary raw materials are flexible steel sheets, and 23cm...
Study smarter with the SolutionInn App