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L2 Notes_Part_9 - -loss of key personnel strikes-outdated...

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Reporting with a Twist
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Going Concern Assessment Does substantial doubt exist that the company will remain a going concern for one year after the balance sheet date? Assess extent of financial difficulty, ability to obtain capital, and assess management’s plans A. Conditions indicating a potential going concern problem - recurring losses, W/C deficiencies, negative trends
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Unformatted text preview: -loss of key personnel, strikes -outdated facilities and products -strong competition -loss of a key customer -uninsured loss -litigation -new legislation B. Mitigating factors C. Effects on the financial statements disclosure D. Effects on the audit report - explanatory paragraph Going Concern...
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