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Auditing going concern

Auditors test the appropriateness of the use of the going concern basis for financial statements.
Our guidance outlines auditor responsibilities for testing going concern, offers practical advice on testing, and explains the implications for the audit report. This guidance is created by the ICAEW Audit and Assurance Faculty – recognised internationally as a leading authority and source of expertise and know-how on audit and assurance matters.
Displaying 1-9 of 9 results
Understanding audit reports
  • Article
  • 29 Sep 2023
The FAQs below, created by ICAEW’s Audit and Assurance Faculty, are designed to help investors and other users of audit reports to better understand the different types of audit report wordings used by auditors, and their significance. They also highlight how economic uncertainty resulting from wider external factors can impact audit reports.
Remote audits: disclose, disclose, disclose
  • Article
  • 27 Jul 2020
28 July: Alison Kitchen, Chairman of KPMG Australia, says that audit teams are managing the challenges of remote audit admirably.
COVID-19 reporting: full disclosure
  • Article
  • 19 Jul 2020
19 July 2020: When it comes to the 2020 accounts, the FRC is recommending companies provide full disclosure.
Why all businesses should reverse stress test
  • Article
  • 18 Jun 2020
  • ICAEW Insights
Entities of all sizes should consider using reverse stress testing to enhance their going concern assessments and related disclosures.
Coronavirus: Introducing reverse stress testing
  • Helpsheets and support
  • 21 May 2020
How reverse stress testing can help entities enhance their going concern assessments and identify gaps in their risk assessment.
Coronavirus (COVID-19) Webcast: Considerations for auditing going concern
  • Webinar
  • 13 May 2020
  • Audit and Assurance Faculty
ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast on the challenges faced when auditing going concern in light of the COVID-19 pandemic.
Coronavirus considering going concern
  • Helpsheets and support
  • 30 Apr 2020
The Audit and Assurance Faculty have produced this two part guide for auditors, covering COVID-19 considerations for auditing going concern, and how to report when a material uncertainty relating to going concern exists.
COVID - 19 FRC Bulletin
  • Webinar
  • 08 Apr 2020
  • Audit and Assurance Faculty
ICAEW’s Audit and Assurance Faculty shares a recording of its recent webcast which discusses the FRC’s March 2020 COVID-19 Bulletin.
Coronavirus, going concern and the auditor’s report
  • Article
  • 17 Mar 2020
17 March 2020: ICAEW’s Technical Advisory Service considers the requirements of standards and potential impact of coronavirus on going concern and the auditor’s report.
Displaying 1-9 of 9 results

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