International audit standard setter publishes advice on how auditors can deal with with going concern assessments
Growing anxiety over the use of ‘going concern’ statements has prompted international audit experts to issue new advice in response to the ‘unexpected severity, speed and consequences’ of the credit crisis.
The US-based International Auditing and Assurance Standards Board has issued guidance on how auditors should assess whether clients are going concerns.
The IAASB said guidance is needed because the crisis means credit and liquidity have made going concern a much more complex issue.
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