George, as chairperson, has been accused of operating his company, George & Associates Limited, while technically insolvent, which to him is in direct conflict with the auditor's report that stated, 'George & Associates Limited (GA Ltd) is a Going Concern. George holds 100% of the company's shares and the companies balance date is the 30th June and is a Reporting Entity. 

a) Discuss the relationship between these concepts and how can GA Ltd be accused of being technically insolvent whilst supposedly a Going Concern. 

b) Discuss how such claims/concerns impact your analysis of the company?

Answer rating: 100% (QA)

A The concept of a company being a Going Concern means that the company is able to continue operatin... View the full answer