Going concern has always been a fundamental part of the audit but with turbulent economic conditions seemingly becoming the norm, and pressure on the profession to continually raise the bar, its importance has never been greater. This session will recap the requirements and use real life examples to explore best practice across a range of different circumstances. Topics covered will include:

• Respective responsibilities of management and auditors
• Key financial reporting requirements – and how they vary for different sizes of company
• Audit testing – minimum requirements
• Stress testing and dealing with uncertainty
• Evidencing professional scepticism when auditing going concern
• Audit documentation – important requirements and where it goes wrong
• Drafting the audit report – scenarios that auditors frequently encounter