Auditing Practices Board backs calls for companies and auditors to consider the impacts of going concern disclosures and opinions in annual reports
The Auditing Practices Board has echoed calls for companies and auditors to take the unprecedented markets crisis into account when arriving at going concern assumptions.
The financial community is bracing itself for a tough annual reporting season in the wake of the financial upheaval and in releasing a bulletin on going concern issues today, APB chairman Richard Fleck said:
'The current difficult economic conditions do not of themselves necessarily mean that a material uncertainty exists about an entity’s ability to continue as a going concern, or justify auditors modifying their auditor’s report to draw attention to going concern.'
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