What is substantial doubt about going concern? How is the audit report modified when the auditor concludes there is substantial doubt about an entity’s ability to continue as a going concern? When there is substantial doubt about going concern and financial statement disclosure is not adequate?
Answer to relevant QuestionsWhat audit procedures does the auditor perform when the audited financial statements and audit report are included in a document that contains other information? What is the auditor looking for?What is an audit completion document? How is it useful?How are the auditors’ concerns regarding purchase discounts different from those of management? Why?What should happen when discrepancies exist among supporting documents for a purchase or when the goods received are not what was ordered or arrive damaged?What control purposes and management assertions are supported by bank reconciliations?
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