A new client has been paying its suppliers late consistently; well in excess of the suppliers agreed
Question:
A new client has been paying its suppliers late consistently; well in excess of the suppliers’ agreed credit terms. As a result, some suppliers have begun demanding cash on delivery from the client. You are also aware that a review of correspondence between the new client and its bank reveals that the new client has been experiencing cash flow problems for two years.
Required
Discuss whether there are any events or conditions that may cast significant doubt on the new client’s ability to continue as a going concern.
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The situation described indicates several events and conditions that may cast significant doubt on the new clients ability to continue as a going conc...View the full answer
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Related Book For 
Auditing A Practical Approach
ISBN: 9780730382645
4th Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
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