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Significant Doubt About The Going Concern Assumption In Audit

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  • Adela Socol

    (1 Decembrie 1918 University of Alba Iulia)

Abstract

The purpose of this paper is to survey the going concern principle and its applicationin auditor’s work. The management of an entity is responsible for the assumption of the goingconcern principle in the compilation of the financial statements. We study the auditor’sresponsibilities in the audit of the financial statements relating to management’s use of the goingconcern assumption in the preparation of the financial statements. We analyze the events andconditions that may cause significant doubt about the ability of an entity to continue as a goingconcern.

Suggested Citation

  • Adela Socol, 2010. "Significant Doubt About The Going Concern Assumption In Audit," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(12), pages 1-29.
  • Handle: RePEc:alu:journl:v:1:y:2010:i:12:p:29
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    Keywords

    Professional judgment; Audit evidence; Management’s use of going concern assumption.;

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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