level: Going Concern Issues
Questions and Answers List
level questions: Going Concern Issues
| Question | Answer |
|---|---|
| When the use of the going concern basis of accounting is inappropriate, what type of opinion should an Auditor express? | Adverse Opinion Should express an adverse opinion when liquidation is imminent and management's use of the going concern basis of accounting in inappropriate. |
| If Going Concerns disclosures are inadequate, what type of opinion should an Auditor express? | A Qualified or Adverse Opinion |
| If the auditor is unable to obtain sufficient appropriate audit evidence, what type of opinion should the auditor express? | A Qualified or Disclaimer of Opinion |
| Define Reasonable Period of Time | The period of time required by the applicable financial reporting framework or, if no such requirement exists, within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued, when applicable). |