Current Canadian GAAS through 2010 did not permit the auditor to refer to a going-concern uncertainty in
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a. Describe the strengths and weaknesses of this approach, taking into consideration the perspectives of the company, its financial statement users, and its auditor.
b. Identify one or more alternative reporting methods that may be more beneficial to financial statement users.
c. You have been invited to comment to the Canadian assurance standards-setting board on its current audit reporting standards. What comment would you make to the standard setters on the issue of audit reporting when there is substantial doubt about a company’s ability to continue as a going concern? Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the...
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Auditing An International Approach
ISBN: 978-0071051415
6th edition
Authors: Wally J. Smieliauskas, Kathryn Bewley
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