Thursday 7 May 2020


12:00 pm


1.5 CPD hours

Session Topic

Managing and auditing going-concern risk

The emergence of ‘zombie’ companies and recent corporate collapses in retail and construction have triggered renewed interest in ‘going concern’ financial-reporting and auditing rules.

Entities preparing either GPFSs or SPFSs are required to make an assessment of the going-concern basis of accounting.  The extent of this assessment varies depending on an entity’s circumstances.  Auditors are required to undertake procedures in accordance with ASA 570 Going Concern.  New going-concern audit rules have been introduced in the UK that are noteworthy.

This session will:

  • Re-examine the accounting rules for application of going concern
  • Identify the documentation to support the going-concern basis, and
  • Describe audit-risk-assessment processes, audit procedures, and documentation to minimise risk.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.