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Going concern audit rules updated for private, not public, companies

Tammy Whitehouse | February 24, 2017

Although auditing standards for private companies now reflect updated accounting rules around the going concern assessment, public companies will be getting their new standards no time soon.

The Auditing Standards Board at the American Institute of Certified Public Accountants has issued a new auditing standard around the going concern analysis and determination that will be observed in private company audits beginning in 2018. The updated standard is responsive to an accounting standard adopted in 2014 that requires management to take the first step in advising investors if there is reason to doubt the entity can continue as a going concern.

When the Financial Accounting Standards Board adopted the standard in 2014, it put a long...

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