Financial statements are usually prepared on the going concern basis.The auditor is required by ASA 570 (ISA 570) to assess the risk of going concern problems at which stage of the audit?
A)During the final review.
B)The planning stage.
C)The planning stage and again during the final review.
D)ASA 570 (ISA 570) does not require the assessment of the risk of going concern problems, this is left to the directors.

Question

Quizplus · Accepted Answer

The auditor is required to assess the risk of going concern problems both during the planning stage and again during the final review to ensure that any potential issues are identified and addressed throughout the audit process.

Financial Statements Are Usually Prepared on the Going Concern Basis