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Auditor's Duty - Audit Process
The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valuation basis adopted in organizing the accounts assumes such the company is a going concern in accordance along with IAS 1. Hence, for the auditor to form an opinion he should regard as whether he has reasonable grounds for accepting the applicable ability of the going related assumption. Therefore it follows; he must carry out sufficient work to ensure about this assumption is justified. Therefore he looks for evidence such the company is such as to continue trading for at least the next 12 months from the balance sheet date or more practically or 6 months from the date of the audit report, he looks for evidence such there is no indication to the contrary. However he must take account of important events that are likely to happen even later.In the event which the auditor considers that the company is not a going related, he should advise the directors accordingly and ensure about the accounts are prepared on a break-up basis or a market value. Whether the directors reject to comply then the auditor will have to succeed the accounts as a whole to the effect such they are not fair and true. It is not possible for the auditor to rely on an assessment of the going related position at the balance sheet date alone since the accounts usually only become public knowledge much later after the balance sheet date. Therefore it becomes essential to take into account events taking place after the year end and before the AGM that may affect the company as a going related.
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