Page 110 - Demo

جميع الحقوق محفوظة ـ اإلعتداء عىل حق املؤلف 110 بالنسخ أو الطباعة يعرض فاعله للمسائلة القانونيةAuditing Standards Related to Going Concern ISA570 International standards of auditing EAS 570 Egyptian auditing standards SAS 59 Statements on Auditing Standards Second Phase Planning the audit process:A-Understanding the client:The auditor must fully understand his client industry, and it`s related constrains, and opportunities, to determine any probable events related to the client industry that may affect his clients` firm ability to continue as a going concernB-Assess Risk of material misstatement:The auditor uses the understanding of the client’s industry and business strategies, as well as the effectiveness of controls, to assess the risk of material misstatements in the financial statements. while performing traditional risk assessment procedures, the auditor shall consider whether there are any events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern whether individually or collectively &management’s plans to address them &whether management’s plans are feasible in the circumstances.Events or Conditions That May Cast Doubt about Going ConcernAssumption areFinancial Net liability or net current liability position.Seventh: Auditing Standards Governing auditor responsibilities related Going concernEights: The roles of auditor regarding going concern on the external audit process according to current standards