| Subject Code : | ACC6030 | Country : | Australia |
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Assignment Task:
Task:
You investigated and reported on the Key Audit Matters raised by the Auditor of a real-life company which is part of their Independent Audit report on the true and fair status of the financial statements for the last year financial year in your Individual Case Study Assignment (Assignment 1).
Now, during the audit of the assumed financial year ended 31 December 2020 (or balance date 12 months after the date of the audit report in Assignment 1), you are to focus on the “Going Concern” status of this real-life company for the next 12 months and conclude that it is about to collapse.
Required:
Your research shows that it is highly probable that your real-life company will NOT continue as a going concern as on 31 December 2020 or relevant date. (This is the SAME company for which you submitted Assignment 1).
Based on ASA570 – “Going Concern” and other relevant Australian Auditing Standards you have a disagreement with the management on the Material and Pervasive Issues identified during the investigation in the Assignment 1. ( This assessment is based on the application Auditing standard ASA570 to identify going concern problems and the mitigating factors by you.
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