Management is responsible for performing an assessment of the entity’s ability to continue as a going concern based on the requirements of the applicable accounting framework. The auditor is responsible for evaluating and concluding on the appropriateness of management’s use of the going concern basis of accounting, and determining whether a material uncertainty exists about the entity’s ability to continue as a going concern. Some auditors perform their own detailed assessment, rather than evaluating management’s assessment. Others evaluate management’s assessment, but omit key considerations during their evaluation, or fail to report on deficiencies in the report to management and the audit report.
This training will give participants an understanding of going concern procedures and related documentation.
Content and outline
To explain the following concepts and demonstrate their practical application:
- Knowledge of the business
- Going concern risk assessment
- Evaluating management’s going concern assessment
- Further procedures
- Reporting deficiencies in management’s assessment
- Going concern conclusion and impact on audit report.
Certification
Upon completion of the training, participants will receive a verifiable LEAF Bronze Certificate worth 1 hour CPD points.
Elevating the standards of all auditors and those seeking to become auditors by upholding the principles of legislation, regulation, and quality audit management and performance.
Quests Curriculum
- 4 Levelss
- Coaching By LEAF
- Communities Support
-
Levels 01 Introduction
Mission(s) included in this level: 1. Welcome & Introduction
-
Levels 02 Procedures
Mission(s) included in this level: 2. Planning Procedures, 3. Fieldwork Procedures
-
Levels 03 Concluding and Reporting
Mission(s) included in this level: 4. Concluding and Reporting
-
Levels 04 Final Quiz
Complete all the levels and pass the final quiz with at least 80 % to receive a verifiable LEAF Bronze Certificate worth 1 hour CPD points.
Success Stories
-
Jason M I finally understand
"I finally understand how to link going concern procedures to audit documentation. The examples were clear and directly applicable."
-
Priya R. Highly recommended
"Concise, practical, and focused on real audit challenges. Highly recommended for anyone involved in audit planning or reporting."
