(15 marks) 2. Going Concern. The following quote is from The Financial Times article, After Wirecard: is it time to audit the auditors? Jonathan Ford & Tabby Kinder July 3 2020.

renewed focus on internal controls, going concern and fraud. The vast majority of business failures are not the fault of auditor, but when the audit quality is a contributory factor, the problem generally involves these three fundamental areas.

Michael Izza, Chief Executive, Institute of Chartered Accountants, England/Wales

Additional Resources: Our course resources on Wirecard, our textbook (3.5..) and CAS 570.

1. Discuss the general concept of going concern.
2. After reviewing the Wirecard event, discuss how Wirecards management -governance model contributed to its failure (going concern).
3. How could the lack of audit quality auditors responsibilities contributed to the failure (going concern) of Wirecard? Is it time to audit the auditors?
4. What are three (3) going concern risk factors, and three (3) audit procedures to help mitigate going concern audit risks.