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ACCA AA审计基于持续经营会计基础不恰当示例
文章来源：ACCA全球官网
发布时间：2021-09-29 14:38
阅读：1355次
Use of the going concern basis of accounting is inappropriate
Consider the following example:
An entity has borrowings of$10m which became immediately repayable in full on 31 March 20X2.The entity is already in breach of its agreed overdraft and the bank has refused to renew the borrowings.The entity has also been unsuccessful in applying to other financial institutions for re-financing.It is highly unlikely that the entity will be successful in renewing or re-financing the$10m borrowings and,in such an event,the directors will have no alternative but to cease to trade.The bank have already indicated that they are shortly going to commence legal proceedings to force the company to cease trading and sell off its assets to generate funds to pay off some of the borrowings.【点击免费下载>>>更多ACCA学习相关资料】
In order to avoid the entity’s credit rating suffering any further decline,the directors have refused to make disclosures in the financial statements and have prepared the financial statements for the year ended 31 March 20X2 on the going concern basis.
In this example it is clear that the going concern basis is inappropriate in the entity’s circumstances.The directors have no realistic alternative but to liquidate in order to raise funds to pay back the bank and the bank have already confirmed that they will commence legal proceedings to force the entity into selling off assets to raise finance to repay their borrowings.
In this instance the auditor would issue an adverse opinion.An adverse opinion states that the financial statements do not present fairly(or give a true and fair view).This opinion will be expressed regardless of whether or not the financial statements include disclosure of the inappropriateness of management’s use of the going concern basis of accounting.
Management unwilling to make or extend its assessment
There are situations that may arise when the auditor may request management to make an assessment,or extend their original assessment of going concern.If management refuse to make,or extend,an assessment of going concern the auditor will consider the implications for the report.
Conclusion
Going concern is an important syllabus area for AA and candidates attempting the exam must ensure they are familiar with the requirements of the syllabus.This article has covered management’s responsibility,the auditor’s responsibility,indicators that an entity may not be a going concern and the reporting aspects relating to going concern.Candidates need to be aware that the syllabus also requires them to:
define and discuss the significance of the concept of going concern
explain the importance of,and the need for,going concern reviews,and
discuss the disclosure requirements in relation to going concern issues.
Candidates are therefore encouraged to practise as many exam standard questions as possible as the syllabus offers a variety of ways in which the concept of going concern can be examined.
Written by a member of the Audit and Assurance examining team
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