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Going Concern

Stakeholders are asking if auditors are doing enough to identify and report on companies at risk of insolvency.
 

Financial reporting frameworks generally require the adoption of the going concern basis of accounting in financial statements unless management intends to liquidate, cease trading or has no other realistic alternative. When there are material uncertainties about whether the entity will be able to continue as a going concern, these uncertainties need to be disclosed in the financial statement.

In the wake of international business collapses, regulators and standard setters around the world are exploring whether enough is being done to publicly disclose material uncertainties around going concern. CPAB is exploring how auditors, audit committees and management can better apply best practices and we published our report on our going concern thematic review in early 2020 and provided additional insights in 2022.

RESOURCES


> Thought Leadership Publications
27/05/2022
CPAB Exchange: Going concern thematic review
> Thought Leadership Publications
23/01/2020
CPAB Going Concern Project

THE CANADIAN PUBLIC ACCOUNTABILITY BOARD

The Canadian Public Accountability Board (CPAB) is Canada’s independent, public accounting firm regulator. Charged with overseeing audits performed by registered public accounting firms, CPAB contributes to public confidence in the integrity of financial reporting and is committed to protecting Canada’s investing public. CPAB promotes audit quality through proactive regulation, dialogue with domestic and international stakeholders, and practicable insights to inform capital market participants. CPAB has offices in Montreal, Toronto and Vancouver.

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