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- This topic has 1 reply, 2 voices, and was last updated 6 years ago by MikeLittle.
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- July 20, 2017 at 2:24 pm #397792
Hi Sir Mike!
The answer for December 2008 Q5 (c)( i ) states that:
“The audit report should include a paragraph which contains specific reference to the fact that there is a material uncertainty that may cast significant doubt about the entity’s ability to continue as a going concern. The paragraph should include a clear description of the uncertainties and would be presented immediately after the opinion paragraph.”
My question is, is the ‘paragraph’ being referred to above called the Material Uncertainty Related to Going Concern? And this should be presented immediately after the Basis for Opinion paragraph and not after the Opinion paragraph right?
So far I thought, the arrangement of the paragraphs are:
Opinion
Other Matter paragraph
Basis for Opinion
Material Uncertainty Related to Going Concern
Key Audit Matters
Am i right? (Please feel free to rearrange and include other paragraphs I may have missed out..)
Thanks.
Kyle
July 20, 2017 at 3:33 pm #397805Your post has this first line:
“The answer for December 2008 Q5 (c)( i ) states that:”
When was the ISA revision issued? 2016? Is that really 8 years after the posted answer was written?
Basis of opinion follows immediately after opinion paragraph
The section headed ‘Material Uncertainty Related to Going Concern’ is included immediately after the Basis for Opinion paragraph but before the KAM section
“Other matter” paragraphs should appear after the KAM paragraph
OK?
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