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Give the three major time periods (subsequent to balance sheet date) of concern to the auditor. Explain the going concern assumption. Who is responsible for

  1. Give the three major time periods (subsequent to balance sheet date) of concern to the auditor.
  2. Explain the going concern assumption. Who is responsible for assessing the reasonableness of the going concern assumption?
  3. Give at least three examples of conditions and events which may cause the auditor to have doubt about the entity's ability to continue as a going concern.
  4. What are related parties? What are related party transactions?
  5. What is the main concern of the auditor regarding related parties?

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