Auditor's consideration of an entity's ability to continue as a going concern; Statement on auditing standards, 059

Authors

American Institute of Certified Public Accountants. Auditing Standards Board

Files

Description

This Statement provides guidance to the auditor in conducting an audit of financial statements in accordance with generally accepted auditing standards with respect to evaluating whether there is substantial doubt about the entity's ability to continue as a going concern. Continuation of an entity as a going concern is assumed in financial reporting in the absence of significant information to the contrary. Ordinarily, information that significantly contradicts the going concern assumption relates to the entity's inability to continue to meet its obligations as they become due without substantial disposition of assets outside the ordinary course of business, restructuring of debt, externally forced revisions of its operations, or similar actions.

Publication Date

1988

Relational Format

pamphlet

Keywords

Auditing -- Standards -- United States; Going concern (Accounting)

Disciplines

Accounting | Taxation

Comments

Copyright and permission to reprint held by: American Institute of Certified Public Accountants

Recommended Citation

American Institute of Certified Public Accountants. Auditing Standards Board, "Auditor's consideration of an entity's ability to continue as a going concern; Statement on auditing standards, 059" (1988). Statements on Auditing Standards. 60.
https://egrove.olemiss.edu/aicpa_sas/60