Please shed some light on this NINJA simulation research question #2.
question: What section of the AICPA's Codification of Statements on Auditing Standards (clarified standards) discusses where the auditor must disclose substantial doubt about the entity's ability to continue as a going concern?
Ninja's answer: AU-C 570 – states, “This section addresses the auditor's responsibilities in an audit of financial statements with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern.
My answer: SAS 59 (AU-C 341) – states, the auditor to consider an entity's ability to continue as a going concern. When the auditor concludes that there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, the auditor must disclose this fact in an explanatory paragraph within the audit report.
the question was meant specifically to disclose doubt of going concern, right?
AUD - 69, 80
FAR - 71, rematch 01/19/2015
BEC - 01/12/15
REG - 02/23/15
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