Emphasize on Going Concern by the auditor

Goodman · 07-15-2004, 01:53 AM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
which resulted due to heavy losses in preceeding year(s)
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

so companies in the first year of trading can never have a going problem then.

smraza · 07-15-2004, 05:04 PM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>so companies in the first year of trading can never have a going problem then.<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

sorry, companies may have heavy loss in the first year also, i.e. that loss may result in negative equity of the company, as far as the question of going concern is concerned, there are so many factors to be considered while evaluating the company's ability to continue as going concern. and I hope those factors need not to be discussed if the topic is being is disussed with you zubair.
Hey zubair, dont u feel that we are missing our a very good member named Pervez?????? i dont know where has he gone, he must be busy somewhere else.

SMR

Goodman · 07-16-2004, 02:11 AM

Thanks for the reply SMR

Actually I have not seen ICAPs guidance on Going concern. and I wanted to know if any guidance exists for the first year of trading. It appears the guidance addresses the issues encircling a company existing for x number of years.

thats why i asked whether in the first year of trading do you have responsibilities to address the going concern issue B4 the F/S have been prepared or/And b4 audit report is signed. Since I dont know the answer, to me its a grey area and I sometimes hate grey areas.
Mostly I live grey areas.

I have not read any posts from either Pervez or Guybrush for a long time. hope both of them were fine.

SATTI g · 08-20-2004, 04:05 AM

HI g!!!!!
MUJHAY AHSAN SATTI KEHTAY HAIN|!!!!!

IF U CONSULT THE ICAP QCP REPORT<RELATING TO QUALITY CONTROL PROGRAMME 1999-2000>U WILL FIND OUT THAT THERE USED TO BE AN AUDITOR WHO DID THIS KIND OF BULLSHITAND ADDEDA REMARK REGARDINGGOING CONCERN UNDER THE HEAD OF "EMPHASIS"AND WITHOUT QUALIFYING HIS OPINION.....
THIS IS TOTALLY WRONG JANAB WHENEVER AUDITOR AUDITS A COMPANY ITS HIS RESPONSIBILITY TO QUESTION

THE INHERENT RISKS
THE CONTROL RISKS
THE DETECTION RISKS

THIS SHOULD NOT ONLY BE DONE DURING BUT ALSO REVIEWED AFTERWARDS TO SEE IF THE FINANCIAL STATEMENTS ARE NOT MATERIALLY MISSTATED.IF ANY ASSUMPTION IS INVALID HE SHOULD DISCLOSE SO IN THE FINANCIAL STATEMENTS AND NOT IN NOTES ALONG WITH HIS BASIS FOR FINANCIAL STATEMENTS YOU CAN SEE THE RELEVENT ISA...
WAISAY IS BAAT PER ACCHA KHASA DEBATE HO SAKTA HAI SO KABHI AAAEIN NA ICMAP,ISLAMABAD AND ASK FOR AHSAN SATTI PROFESSIONAL III

THANKS

SATTIg

Goodman · 08-20-2004, 05:44 AM

not worth the space it is written on

smraza · 08-20-2004, 06:09 PM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
HI g!!!!!
MUJHAY AHSAN SATTI KEHTAY HAIN|!!!!!

IF U CONSULT THE ICAP QCP REPORT<RELATING TO QUALITY CONTROL PROGRAMME 1999-2000>U WILL FIND OUT THAT THERE USED TO BE AN AUDITOR WHO DID THIS KIND OF BULLSHITAND ADDEDA REMARK REGARDINGGOING CONCERN UNDER THE HEAD OF "EMPHASIS"AND WITHOUT QUALIFYING HIS OPINION.....
THIS IS TOTALLY WRONG JANAB WHENEVER AUDITOR AUDITS A COMPANY ITS HIS RESPONSIBILITY TO QUESTION

THE INHERENT RISKS
THE CONTROL RISKS
THE DETECTION RISKS

THIS SHOULD NOT ONLY BE DONE DURING BUT ALSO REVIEWED AFTERWARDS TO SEE IF THE FINANCIAL STATEMENTS ARE NOT MATERIALLY MISSTATED.IF ANY ASSUMPTION IS INVALID HE SHOULD DISCLOSE SO IN THE FINANCIAL STATEMENTS AND NOT IN NOTES ALONG WITH HIS BASIS FOR FINANCIAL STATEMENTS YOU CAN SEE THE RELEVENT ISA...
WAISAY IS BAAT PER ACCHA KHASA DEBATE HO SAKTA HAI SO KABHI AAAEIN NA ICMAP,ISLAMABAD AND ASK FOR AHSAN SATTI PROFESSIONAL III

THANKS

SATTIg
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
aray Chanda,
go through the auditing standards, and also go through the whole postings made by members, then u will be able to understand the theme of the topic.
take care.

SMR

Moon · 08-21-2004, 12:31 AM

Salam,

Well if the going concern assumption is considered inappropriate and adequate disclosure is made in the accounts, the auditor can modify his report bu adding an emphasize of matter para by stating "without qualifying our opinion.......

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Invest your hard work today for a success benefit tomorrow

Goodman · 08-21-2004, 01:55 AM

<pre id=code> aray Chanda</pre id=code>

SMR, I must say you have a unique and distinct style of capturing attention (I guess you must be a very romantic person). you know what they say about accountants, dont you?

smraza · 08-21-2004, 04:55 PM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
<pre id=code> aray Chanda</pre id=code>

SMR, I must say you have a unique and distinct style of capturing attention (I guess you must be a very romantic person). you know what they say about accountants, dont you?
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
<img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle>
thanx for the compliment, but my wife doesnt say at all that i m a romantic person. and she has got the same thinking about me like the other people possess about the accountants. <img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle>

SMR

Goodman · 08-22-2004, 03:16 AM

<pre id=code>other people possess about the accountants </pre id=code>

you mean the statements like.....
Accountants use their personality for birth control (cuz they are so boring)

lol

Augustus · 08-27-2004, 04:50 PM

Once i saw a car in lahore with a sticker on it's back secreen like" there is no risk in sleeping with a chartered accountant" and then some one told me that person is himself a C.A so u ppl can imagine<img src=icon_smile_question.gif border=0 align=middle><img src=icon_smile_question.gif border=0 align=middle><img src=icon_smile_question.gif border=0 align=middle>

smraza · 08-27-2004, 09:19 PM

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
Once i saw a car in lahore with a sticker on it's back secreen like" there is no risk in sleeping with a chartered accountant" and then .............................................
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>
i was expecting the following statement after then............
............... then i slept with him and found that the statement was false.<img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle>

SMR

Moon · 09-04-2004, 10:14 PM

Salam

.....and the had a night with him was never considered as going concern thereafter........<img src=icon_smile_big.gif border=0 align=middle>

Invest your hard work today for a success benefit tomorrow

Moon · 09-04-2004, 10:16 PM

salam

.... and the person had a sleep with him was never considered as a going concern thereafter and the auditor shoud modify his audit report......

Invest your hard work today for a success benefit tomorrow