Question: Auditing Standards ( SAS No . 5 9 ) requires auditors to evaluate whether there is a substantial doubt about a client's ability to continue

Auditing Standards (SAS No.59) requires auditors to evaluate whether there is a substantial doubt about a client's ability to continue as a going concern. One of the most important audit procedures to perform to assess the going concern question is:
inquiries of client and its legal counsel.
confirmations of creditors.
statistical sampling procedures.
analytical procedures.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

I have attached two articles that needs to read and reviewed and then...

Q:

PART A Prepare the accompanying solution sheet to reply to the eight independent situation below that related the audit of financial statements of nonpublic companies. Do not consider including an...

Q:

I just want to ensure I am on the right track. The question I would like an answer to is "Should HT be assigned a going concern classification ? why or why not? Consider whether the amounts in...

Q:

I just want to ensure I am on the right track. The question I would like an answer to is "Should HT be assigned a going concern classification ? why or why not? Consider whether the amounts in...

Q:

I just want to ensure I am on the right track. The question I would like an answer to is "Should HT be assigned a going concern classification ? why or why not? Consider whether the amounts in...

Q:

this is for Audit and i need someone who knows all the answers. Auditing -ACCT 460 - Section 1. 1) Who establishes generally accepted auditing standards? a) Public Company Accounting Oversight Board...

Q:

this is for Audit and i need someone who knows all the answers. Auditing -ACCT 460 - Section 1. 1) Who establishes generally accepted auditing standards? a) Public Company Accounting Oversight Board...

Q:

ACC555 FINAL EXAM NAME _______________________________ 1. The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA has selected and audited a sample of 100 accounts...

Q:

Home Mallings Review ch Sh 6. 9. Insert Page Layout References View * cut Calibrio - 7 AN AR .. 2! T et A - Copy BI U bexx' A.A: . Normal Format Painter No Spac... Heading 1 Heading 2 Title Subtitle...

Q:

Hi, I need someone to do summary for the article I upload AUDITING: A JOURNAL OF PRACTICE & THEORY Vol. 28, No. 2 November 2009 pp. 1-34 American Accounting Association DOI: 10.2308 / aud.2009.28.2.1...

Q:

The following are transactions for the city of Franklin. a. Borrowed $20,000 by issuing a two-year note. b. Purchased equipment for $6,000 cash. c. Licenses for $700 were billed on account. d....

Q:

Consider a free-particle wave packet in one dimension. At 1= 0 it satisfies the minimum uncertainty relation in addition, we know Using the Heisenberg picture, obtain , as a function of t(t ? 0) when...

Q:

1. Th e Daily News carried an article this morning about three local teenagers who were arrested on charges of drug possession. Teenagers these days are nothing but a bunch of junkies. Identify the...

Q:

You invested $4,500 in a mutual fund exactly 39 months ago when the NAV of the fund was $31.80. You have not acquired or sold any shares since that time. However, the fund paid a special distribution...