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Investigative Elements In The Principle Of Going Concern

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  • SIMIONESCU, Mircea
  • SAVU, Lucian

Abstract

Some financial reporting frameworks contain an explicit requirement according to which the management must make an explicit assessment of the entity’s ability to continue the activity. Management’s evaluation regarding the Company’s ability to continue the activity involves reasoning at some point in time, regarding future results, uncertain by their nature, of the events or conditions. Further on, the auditors should evaluate the management’s assessment regarding the ability of the Company to continue the activity, taking into account the extent in which the management’s assessment includes all relevant information of which the auditor is aware as a result of the audit. Finally, based on the audit evidence obtained, the auditor should conclude whether, according to his reasoning, there is a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the ability of the Company to continue the activity.

Suggested Citation

  • SIMIONESCU, Mircea & SAVU, Lucian, 2012. "Investigative Elements In The Principle Of Going Concern," Academica Science Journal, Economica Series, Dimitrie Cantemir University, Faculty of Economical Science, vol. 1(1), pages 19-28, November.
    • Handle: RePEc:tig:journl:v:1:y:2012:i:1:p:19-28
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    References listed on IDEAS

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    1. Ludger Schuknecht & Philippe Moutot & Philipp Rother & Jürgen Stark, 2011. "The Stability and Growth Pact: Crisis and Reform," CESifo DICE Report, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(3), pages 10-18, October.
    2. Fratzscher, Marcel, 2012. "Capital flows, push versus pull factors and the global financial crisis," Journal of International Economics, Elsevier, vol. 88(2), pages 341-356.
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    4. repec:ces:ifodic:v:9:y:2011:i:3:p:10-17 is not listed on IDEAS
    5. Ludger Schuknecht & Philippe Moutot & Philipp Rother & Jürgen Stark, 2011. "The Stability and Growth Pact: Crisis and Reform," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(03), pages 10-17, October.
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