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Briefly explain the accounting assumption of going concern

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Question -

Part A - (i) Briefly explain the accounting assumption of 'going concern'. Why is it of interest to auditors?

(ii) Briefly explain how the COVID-19 pandemic of 2020 might impact on business and, by referencing the relevant auditing standard, why would this be of interest to auditors?

Part B - The auditor is required to review transactions and events after the balance date (subsequent events) to determine whether anything occurred that might affect the valuation or disclosure of items in the financial statements being audited.

a) List and explain the difference between the two types of subsequent events. Provide an example of each type.

Reference no: EM132994976

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