Reference no: EM1351251
1. Assume you are an auditor of a small, publicly held "parts" supplier in Detroit. Its major clients are the auto companies, although they do support some appliance manufacturers and the airline industry. What type of questions would you ask about management's plan to replace reduced sales from auto manufacturers?
2. The U.S. government recently pledged a very sizable sum of taxpayer dollars to bail out the auto industry, with the assertion that certain companies will only survive with the government's assistance. In order to restore faith in the economy, it was essential that the auto bailout succeed.
Now, play the part of auto industry auditor. Your opinion that states the auto company is not a going concern will essentially say the bailout has failed, and the next domino to fall is lost faith in capitalism and the government. That's a lot of pressure to issue a statement saying the auto company is a going concern.
Faced with this additional perspective, what would you do? (Please attempt to keep political discussions/judgments to a minimum in the main forum, unless relevant to the audit discussion. Political discussions are fair game in the chat room, however please be respectful of differing opinions.)
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