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Statement on Auditing Standards Issued by the Auditing Standards Board AICPA American Institute of Certified Public Accountants Omnibus Statement on Auditing Standards— 1990 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 1234567890 AudS 99876543210 December 1990 64