User Account

All Pages

What should auditors do for assessing going concern

Assignment Help Accounting Basics
Reference no: EM132984833

Question -

a. Auditors cannot always predict future events or conditions which may cause going concern problems. For this reason, the fact that an entity may cease to exist as a going concern after receiving an audit report that does not refer to a substantial doubt about going concern even within a year after the statement date. Similarly, the absence of a reference in an auditor's report to substantial doubt is not a guarantee as to the entity's ability to continue as a going concern.

b. During the time of economic downturn when investments are very sluggish, going concern matters become an area of heightened risk. What should auditors do for assessing going concern of clients?

Reference no: EM132984833

Questions Cloud

Calculate expected return and standard deviation of elsie : Share Y had average returns of 20% with a standard deviation of 23%. Calculate the expected return and standard deviation of Elsie's portfolio.
Determine the pre-determined overhead rate : Question - Apparel Ltd manufactures batches of high-quality sweatshirts. Determine the pre-determined overhead rate based on direct labour hours
Which expenses generated from activities producing : In 2020, expenses generated from activities producing hobby income are? Completely allowed as other itemized deductions on Schedule A.
Provide recommendations to improve current accounting : Provide recommendations to improve its current accounting for the transactions. Hint: Suppose the airline tickets sold on DNG website are non-refundable.
What should auditors do for assessing going concern : During the time of economic downturn when investments are very sluggish, What should auditors do for assessing going concern of clients
Economic recession of 2008 happened first : Which event that led to the economic recession of 2008 happened first?
What amount should be disclosed as the equity : What amount should be disclosed as the equity of Jawhead Company in assigned accounts of December 31, 2020
Make a defense against the expected attack on the company : Make a defense against the expected attack on the company's depreciation policy change. Hint: Apply two financial accounting theories to explain.
How human resource development can add value to survival : Discuss FIVE (5) points how Human Resource Development can add value to the survival of the organization.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd