Audit Procedures relevant for Procedures for Doubt of Going Concern (2)

Question 1

(entity order)

Answer 1

Considering entity’s plan to deal with unfilled customer orders

Question 2

(period end mitigate going concern)

Answer 2

Reviewing events after period end to identify those that either mitigate or otherwise affect the entity’s ability to continue as a going concern

Question 3

(regulatory actions)

Answer 3

Obtaining and reviewing reports or regulatory actions

Question 4

What shall auditor consider?

Answer 4

Whether a material uncertainty exists related to events or conditions which may cast doubt on entity’s ability to continue as a going concern

Question 5

Why is going concern doubts important?

Answer 5

Since this has an impact on the opinion issued in the auditor’s report