Three Steps to Correct Cash Flow Statement Mistakes
Do you struggle with creating cash flow statements? Would you like to know how to correct cash flow statement…
Going concern can be an issue for companies and auditors as well.
FASB requires certain disclosures when substantial doubt is present, even if management plans mitigate the risk. So when an entity knows it will not be able to meet its ongoing obligations, it should make an assessment regarding going concern.
Auditors need to determine whether required going concern disclosures are in the financial statements. Additionally, they need to determine if substantial doubt is present. If it is, then a going concern paragraph in the audit opinion is required.
Do you struggle with creating cash flow statements? Would you like to know how to correct cash flow statement…
Do you need to concern yourself with going concern in compilation and review engagements? Yes, if the financial statements…
Are you preparing financial statements and wondering whether you need to include going concern disclosures? Or maybe you’re the…