Issued by the Auditing Standards Board
American Institute of Certified Public Accountants
Omnibus Statement on Auditing
The Auditor's Consideration of an Entity's Ability
to Continue as a Going Concern
( Supersedes Statement on Auditing Standards No. 59, AICPA, Professional
Standards, vol. 1, AU sec. 341.12 and .13.)
1. This amendment clarifies required language that the auditor
should include in an explanatory paragraph that describes his or her
substantial doubt about an entity's ability to continue as a going concern.
New language is shown in boldface italics. The amendment is
effective for reports issued after December 31, 1990.
Consideration of the Effects on the Auditor's Report
12. If, after considering identified conditions and events and management's
plans, the auditor concludes that substantial doubt about the
entity's ability to continue as a going concern for a reasonable period of
time remains, the audit report should include an explanatory paragraph
Copyright © 1990 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036- 8775
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