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Financial position plays a crucial role in helping understanding an organization. The statement of financial position also known as a Balance Sheet represents the Assets,

Financial position plays a crucial role in helping understanding an organization. The statement of financial position also known as a Balance Sheet represents the Assets, Liabilities and Equity of a business at a point in time. Write an essay (300−400 words) on how statement of financial position help auditor in understanding clients condition and ability to fulfill going concern basis.

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