John Selwood focuses on some of the many questions around audit reports, going concern and COVID-19 issues.
This is an important question on an aspect of going concern where some auditors may be caught out by the revised ISA (UK) 570 Going concern. The revised standard applies for periods commencing from 15 December 2019, so this is a big issue for December 2020 year ends.
To refresh your memory, applying the revised ISA (UK) 570, auditors are now required to express their going concern conclusion in a positive way. For example, when issuing a ‘vanilla’ opinion that is without material uncertainty:
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