Going, Going, Gone

In: Business and Management

Submitted By cpuck09
Words 1921
Pages 8
Authoritative Literature:

AU Section 341

The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
Source: SAS No. 59.

This section provides guidance to the auditor in conducting an audit of financial statements in accordance with generally accepted auditing standards with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. Continuation of an entity as a going concern is assumed in financial reporting in the absence of significant information to the contrary. Ordinarily, information that significantly contradicts the going concern assumption relates to the entity's inability to continue to meet its obligations as they become due without substantial disposition of assets outside the ordinary course of business, restructuring of debt, externally forced revisions of its operations, or similar actions.

AU Section 722

Interim Financial Information
Source: SAS No. 100; SAS No. 116; SAS No. 121.

The purpose of this section is to establish standards and provide guidance on the nature, timing, and extent of the procedures to be performed by an independent accountant when conducting a review of interim financial information.

The term interim financial information means financial information or statements covering a period less than a full year or for a 12-month period ending on a date other than the entity's fiscal year end. Interim financial information may be condensed or in the form of a complete set of financial statements.

AU Section 508

Reports on Audited Financial Statements
Source: SAS No. 58; SAS No. 64; SAS No. 79; SAS No. 85; SAS No. 93;
SAS No. 98.

This section applies to auditors' reports issued in connection with audits of historical financial statements that are intended to present financial position, results of operations, and cash flows…...

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