On every audit, the auditor is required to assess the ability of the audited entity to continue to operate for a period not to exceed one year from the balance sheet date.

Question

Quizplus · Accepted Answer

This statement is true according to auditing standards. The auditor is required to evaluate the entity's ability to continue as a going concern for at least one year from the balance sheet date.

On Every Audit, the Auditor Is Required to Assess the Ability