Which of the following is NOT among the conditions that may cast significant doubt on the entitys ability to continue as going concern?

a.

Emergence of a highly successful competitor

b.

Inability to pay creditors on due dates

c.

Net liability position

d.

Increase in the customers demand of the product

Which of the following statements is/are false?

I. Under IFRS Framework the Going Concern assumption is an underlying assumption

II. Indications of withdrawals of financial support by the creditors is a going concern issue

III. Managements assessment of the entitys ability to continue as a going concern does not involve making a judgment

a.

I, II, III are True

b.

I, II, III are False

c.

I and II are True, III is False

d.

I and II are False, III is True

The statement that the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the auditors opinion is in what section of the new auditors report?

a.

Opinion Paragraph.

b.

Basis for Opinion.

c.

Auditors responsibility.

d.

Responsibilities for the Financial Statements.

Clear my choice

Which of the following statements is correct about date of auditors report:

a.

Date of auditors report can be earlier than the date of approval of financial statements.

b.

The date of the auditors report cannot be before the date on which sufficient appropriate audit evidence has been obtained.

c.

Date of auditors report is the date of the last day of audit.

d.

Date of auditors report can be earlier than the date the audit report has been approved by the engagement partner.

Which of the following statements is/are True?

I. An entitys inability to pay creditors on due dates or inability to comply with the terms of loan agreements may signify that a material uncertainty about the entitys ability to continue as a going concern exists.

II. The absence of any reference to a material uncertainty about the entitys ability to continue as a going concern in an auditors report means a guarantee as to the entitys ability to continue as a going concern.

a.

Only I is true

b.

Neither I nor II is true

c.

Both I and II are true

d.

Only II is true