Please confirm if following statement is correct :-
If auditor has DOUBTS about G.C but there is no Material Uncertainty (aka close call), then auditor will Disclose this in K.A.M para in Audit Report. (Key Audit Matters)
Ask the Tutor ACCA AAA
Going Concern and KAM para
5y ago#1See s.4 on page 117 of the notes - it can only be disclosed as a KAM if it meets the definition of a KAM - so for unlisted co would not be KAM but unmodified opinion.
Doubts must be mitigated by management's plans/actions for the situation to be described as "close call".
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