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PCAOB Advises Auditors to Stay Alert on Going Concern

Tammy Whitehouse | September 23, 2014

Auditors will be expected to follow existing standard with respect to the going concern determination, even after companies adopt a new accounting standard requiring management to take the first step in assessing a company’s ability to remain viable.

Baumann-martin-0814The Public Company Accounting Oversight Board has issued a fresh practice alert to remind auditors that the PCAOB has not changed its standards requiring auditors to perform their own independent assessment of a company’s ability to survive whatever financial difficulties it may be facing in the coming year. "With the recent changes to U.S. GAAP, the staff is issuing this alert...

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