Greentick Dialogues - Going Concern - Key Lessons for Auditors & Management!

Episode Duration:

60 Minutes

Episode Background:

This is because ‘going concern’ is one of the fundamental accounting assumptions for preparation of the financial statements and if it isn’t appropriate it can lead to material changes to the amounts at which assets and liabilities are carried in the financial statements as well as their fair presentation.

It is critical for auditors and Management to spend adequate time to evaluate and determine if the ‘going concern’ assumption is appropriate at each period end, since this can impact the true and fair value of the financial statements.

What shall the episode cover?

With an endeavour to add continuous value to our readers and power your accounting practice, India's first Accounting & Ind-AS Platform “Greentick” (https://greentick.taxsutra.com) is back with its thought leadership series titled “Greentick Dialogues” (where renowned accounting & auditing experts share their views/insights on burning accounting issues/controversies). In this context, we bring to you a session on "Going Concern - Key Lessons for Auditors & Management" with KNAV Experts Mr. Raajnish Desai (Partner, Global Assurance – National Office Leader and Audit Partner), Mr. Kunal Pandia (Senior Manager, International Assurance and Advisory Services) & Mr. Sandesh Rajapkar (Senior Manager, International Assurance and Advisory Services).

Key Highlights:

in this episode, the speakers have deep-dived into the following aspects : 

1. Discussed nitty-gritties vis-a-vis audit considerations surrounding going concern
2. Threw light on practical case studies from real life situations to help interpret the auditing standard and its nuances
3. Assist Management to prepare its own positions around going concern and answer difficult questions surrounding Parent company support letters and bridge finance etc.