Ch17 (2) - CHAPTER 17 COMPLETING THE ENGAGEMENT 17-6...

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CHAPTER 17 COMPLETING THE ENGAGEMENT 17-6 Auditing standards (AU 329), require that the auditor perform analytical procedures at the final review stage of the audit. The objective of conducting final analytical procedures near the end of the engagement is to help the auditor assess the conclusions reached on the financial statement components and evaluate the overall financial statement presentation. 17-9 Three overall steps in the going-concern evaluation process are as follows: 1. Consider whether the results of audit procedures performed during the planning, performance, and completion of the audit indicate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time not to exceed one year. 2. If there is substantial doubt, the auditor should obtain information about management's plans to mitigate the going-concern problem and assess the likelihood that such plans can be implemented. 3. If the auditor concludes, after evaluating management's plans, that there is substantial
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This note was uploaded on 11/30/2011 for the course ACCOUNTING 655 taught by Professor Lee during the Spring '11 term at Prince George's Community College, Largo.

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Ch17 (2) - CHAPTER 17 COMPLETING THE ENGAGEMENT 17-6...

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