ADMN 4301H Chapter Notes - Chapter 13: Financial Audit, Audit Evidence, Going Concern
30 Mar 2020
School
Department
Course
Professor
Document Summary
File archiving - a finalized file where nothing is to be removed, deleted or discarded from the file. Going concern: going concern assumption underpins accounting on the basis that the entity will remain in business for the foreseeable future. If going concern is not appropriate, management should prepare financial statements on liquidation basis. Contingent liabilities: entity required to record or disclose contingent liabilities depending on whether they are likely or "probable , and. Measurable : auditor required to search for any litigation and claims that the auditor may not be aware of that may give rise to a material misstatement (cas 501, auditor required to. Include in management representation letter the fact that all contingent liabilities have been disclosed. Financial statements are prepared on the basis of conditions existing at year end: three other key dates, date financial statements approved by management, date of auditor"s report, date financial statements are issued.
