Auditor Responsibilities for Going Concern

Overview

Going concern requires auditors to make important judgments throughout the audit, from identifying early warning signs to evaluating management’s assessment and ultimately determining the implications for the auditor’s report. This course reviews the requirements of Revised CAS 570 and provides a practical, structured approach to working through those responsibilities using a clear 7-step process.

The course walks through each step, including performing risk assessment procedures, identifying events or conditions, evaluating management’s assessment and future actions, evaluating audit evidence and reaching conclusions, assessing disclosures, communicating with those charged with governance and determining the appropriate reporting implications.

Throughout the course, the requirements of CAS 570 are translated into practical guidance supported by real-life examples and scenarios. The focus is on helping auditors understand not only what they need to do, but how to do it, providing a practical framework they can apply to going concern assessments on their audit engagements.

Learning Objectives

By the end of this session, participants will be able to:

• Understand the requirements of Revised CAS 570
• Apply a practical 7-step approach to addressing going concern throughout the audit
• Perform effective risk assessment procedures and identify relevant events or conditions
• Evaluate management’s assessment, assumptions and future actions
• Evaluate audit evidence, disclosures and reach appropriate going concern conclusions
• Evaluate management’s disclosures and the impact on the auditor’s report
• Apply documentation best practices

Verifiable CPD

2.0 hour