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What is the concern of the auditor after complete the audithow to overcome this concern?
Weedsxy
An auditor can be concerned about quality or numbers not adding up. When an auditor has a concern it is your job to make sure you eliminate the problem.
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What is going-concern Assumption?
Going concern is the assumption that the company will be around for the foreseeable future. If an auditor has a going concern issue, he/she may fear that the company will go bankrupt, etc.
What is the impact of a company financial Statements if it is not prepared on the assumption that an enterprise is a going concern?
A going concern is an accounting assumption that states that a business will stay in operation for the foreseeable future. When the financial statements are not prepared for the annual report, it is the responsible of the Board of Directors must put this information into the footnotes to the financial statements and state any factors that may threaten that status. Further, the fact that the business is not a going concern means that it can not pay its liabilities and realize its assets. The company's auditor is responsible to the Board of Directors and must determine whether or not the company is still a going concern. The auditor is required to disclose any negative trends in the company's business operations. Negative trends would be lower operating income, loan denials, loan defaults, repossession of assets, and more. The auditor then must not issue a "going concern opinion." Investors may have second thoughts about holding the stock of the company if an auditor does not issue a going concern opinion in the annual report.
What has the author Jane Frances Mutchler written?
Jane Frances Mutchler has written: 'A multivariate analysis of auditor decision making in the presence of going-concern uncertainties'
What strategies could you use to overcome the challenges you have identified What would you do if you identified issues of concern?
The strategies that could be used to overcome the challenges you have identified include accepting that the challenge exists, and finding feasible methods of dealing with the situation. To overcome the challenges you have identified, present the identified issues to expert in that particular field for professional guidance.
What risks are there when setting up a business?
Some risks associated with starting a business is the concern for whether it will succeed, where will you get the money from and who will you hire. When you approach each problem separately, you can overcome the problems.
What is the definition of problem?
A problem is a situation or issue that presents difficulty or challenge, causing uncertainty or concern. It typically requires a solution or resolution to overcome.
What does it means to overcome in the book of revelation?
It means to overcome our "selfish" physical human nature... and endeavor to learn the deeper, eternal spiritual lessons that obedience to God's Commandments would teach us: Genuine, out-going love for our Creator... and genuine out-going love and concern for the well-being of our fellowman.
What are the 1 concern the international community is facing today?
Complete stop on Terrorism, poverty decline & financial individual growth.
What specific problems are many developing nations attempting to solve?
Many developing nations face a struggling economy as it is growing. It is a a huge hurdle to overcome. Other major areas of concern are education and poverty.
Types of Audit Reports?
Disclaimer of Opinion:The auditor doesn't want to or can't give an opinion on whatevers being audited.Reasons:A lack of independence, or material conflict(s) of interest, exist between the auditor and the auditee (SAS No. 26)There are significant scope limitations, whether intentional or not, which hinder the auditor's work in obtaining evidence and performing procedures (SAS No. 58);There is a substantial doubt about the auditee's ability to continue as a going concern or, in other words, continue operating (SAS No. 59)There are significant uncertainties within the auditee (SAS No. 79).Adverse Opinion:(The worse) When an auditor determines the financial statements are materially misstated, or as a whole don't conform with GAAP (Generally Accepted Accounting Principles)Qualified Opinion:The auditor finds 1 of 2 types of situations that don't comply with GAAP. The auditor determines the financial statements are presented fairly except for (the situation that doesn't comply).Reasons:Single deviation from GAAP - occurs when one or more areas of the financial statements don't conform with GAAP, but don't affect the rest of the financial statements from being fairly presented when taken as a whole.Scope of limitation - occurs when the auditor couldn't audit one or more areas of the financial statements, and even though they couldn't be verified, the rest of the financial statements were audited and they conform GAAP.Unqualified Opinion:(The best) Everything presents fairly and, as a whole, is in accordance with GAAP.There are 3 types of unqualified opinions:standard unqualified; unqualified with modified wording (ex. other auditors besides the ones writing the report were used); and unqualified with ending explainatory paragraph (ex. there might be a going concern problem with the company under audit.)
What is sentence for concern?
May I know your concern, sir?I have a lot of concern for your health.
What is a sentence for the word concern?
Her concern for the puppy was touching.One concern was the leaking roof.
