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Saiyed ShadSaiyed Shad asked 4 years ago

In the last portion of S.A (relationship of KAM with other elements) where an auditor had to give only reference in KAM wrt the matters of Basis, Going Concern. But in CNO:112.2 in the conclusion it was mentioned that simple reference to the report is not sufficient. Please guide.

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RaviRavi Staff answered 4 years ago

Full Disclosure is required in Section “Material Uncertainty Over Going Concern” and the reference in KAM also can be given if conditions of SA 701 are satisfied.
Only reference in KAM without MUGC section is not appropriate.