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PCAOB issues practice alert on going concern

  • PCAOB (US Public Company Accounting Oversight Board) Image

Sep 23, 2014

The PCAOB has issued Staff Audit Practice Alert No. 13, "Matters Related to the Auditor’s Consideration of a Company’s Ability to Continue as a Going Concern.”

The Board is issuing the alert in response to recent U.S. GAAP changes related to “disclosure of uncertainties about a company's ability to continue as a going concern.” The alert states that “auditors should continue to look to the existing requirements in AU sec. 341 when evaluating whether substantial doubt regarding the company's ability to continue as a going concern exists for purposes of determining whether the auditor's report should be modified to include an explanatory paragraph regarding going concern.”

For more information, see the press release and practice alert on the PCAOB’s Web site.

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