SA- 570 (Going Concern)
Posted By :
Rishabh Agarwal /
Published on :
03-Jan-2019 10:24 AM /
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What are the conditions to check whether Going concern assumption is affected in case of a particular entity while conducting audit?
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The Auditor should verify the entity's ability to continue as a Going Concern before attesting the Financial Statement.
It should be checked considering the provisions of AS-4:Â Contingencies and Events Occurring After the Balance Sheet Date; and SA-570: Going Concern.
Like, if Company's Net Worth (Shareholders' Fund) became Negative or a Significant Event occurred which may significantly impact the Company's Operation or Performance then it may be assumed that the Company will not be able to continue its business in future.