QUESTION ONE Going concern concept is a fundamental assumption underlying the preparation of the financial statements. What are the procedures you would perform to ensure that the going concern is appropriate for you audit client. QUESTION TWO a) In respect of the going concern concept: 1. Define 'going concern' and state two situations in which it should NOT be applied in the preparation of financial statements. Explain the directors' responsibilities and the auditors' responsibilities regarding financial statements prepared on the going concern principle. b) List the audit procedures that should be carried out to determine whether or not the going concern basis is appropriate for Green Co