The task of assessing the company's ability to continue as a going concern is the responsibility of
A) the external auditor.
B) the internal auditor.
C) management.
D) the audit committee.

Question

Quizplus · Accepted Answer

The task of assessing the company's ability to continue as a going concern is the responsibility of management. This is because management is in direct control of the company's operations and has the most knowledge about its financial position and future prospects. While the external auditor may provide an opinion on the company's ability to continue as a going concern, this opinion is based on information provided by management and is not a substitute for management's own assessment. The internal auditor may also provide input, but ultimately it is the responsibility of management to make this assessment. The audit committee may oversee this process and provide guidance, but the ultimate responsibility lies with management.

The Task of Assessing the Company's Ability to Continue as a Going