Traditional Culture Encyclopedia - Traditional culture - What is the purpose of establishing the going concern hypothesis?
What is the purpose of establishing the going concern hypothesis?
Article 1 These Standards are formulated in order to standardize the appropriateness of CPA's assumption of going concern and clarify their professional responsibilities. Article 2 These Standards are applicable to the auditing of financial statements by certified public accountants. Article 3 The "going concern assumption" as mentioned in these Standards refers to the assumption that the audited entity will continue to engage in business activities in the foreseeable future and will be able to realize its assets and pay off its debts in the normal course of business operations, and does not intend to terminate its business operations or conduct bankruptcy liquidation. The foreseeable future usually refers to twelve months after the balance sheet date. Article 4 When planning and implementing audit procedures and evaluating the results, certified public accountants shall consider the appropriateness of the assumption of going concern adopted by management in preparing financial statements.
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