Insights

Going concern

The going concern assumption is fundamental to financial reporting. This article explores the auditor’s responsibilities under SA 570 (Revised), key risk assessment procedures, and the impact of material uncertainties — especially in the context of recent disruptions like COVID-19. It also outlines disclosure requirements and implications on the auditor’s report, including relevant CARO 2020 provisions. A must-read for professionals navigating financial reporting in uncertain times.

The contributors to the Article are Sumit Mahajan, AccuWiz Consulting LLP along with inputs from CA Kapil Singhal.

Disclaimer: The content/information is only for general information of the user and shall not be construed as legal advice. The facts stated are based on information available in public domain. Views expressed above are personal.