The APB and going concern - the way ahead

Article Abstract:

Differing public opinion on the planned Statement of Auditing Standards (SAS) by the Auditing Practices Board which addresses the issue of going concern were expressed during the exposure period which lasted until Aug 31 1992. However, three main concerns dominated the discussion. First is the lack of a developed guidance for determining what comprises sufficient disclosure on uncertainties in relation to the going concern status of a company. Second, the provision to make auditors be more active is questioned in the context of small companies. These companies may have difficulty in producing evidences that auditors can use to support their going concern condition. Another issue is whether the expectation gap between an auditor's report and the company's power to remain as a going concern can be narrowed by the SAS. Consideration on these issues must be made before the final draft of the SAS could be made.

Public opinion, Going concern (Accounting), Going concern

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Revision of auditing standards and guidelines, April 1993

Article Abstract:

The Auditing Practices Board (APB) has embarked on a project to review and update all existing Auditing Standards and Guidelines. The goal of this undertaking is to make APB pronouncements reflect the Board's resolve to create a distinction between basic principles and essential procedures and other explanatory materials. In addition, the APB also wants its standards and guidelines to reflect recent legislative and other developments, and to take into consideration the widespread use of information technology in business. In linewith this project, the Board has just finalized the first batch of exposure drafts of its proposed Statements of Auditing Standards (SASs). The five proposed SASs address the issues of planning, documentation, audit evidence, analytical procedures and accounting estimates. The public has until Jul 31, 1993 to comment on these exposure drafts.

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