Forum of Firms Focuses on Going Concern

    Filter By

     
     

    Press Releases/News Alerts

    Apr 17, 2009
    New York

    English

    TAC and FOF

     

    Keep Updated
    Get the latest news delivered to your inbox.

    Get the latest updates delivered straight to your inbox
     

    Forum of Firms Focuses on Going Concern

    Over 70 partners and senior executives from 24 international networks of accounting firms recently met in London to share their experiences, industry insights, and current practices at a symposium on Going Concern and Related Audit Considerations. Panels of experts were assembled with the support of the four largest networks to lead discussions on various topics, including companies' access to funding, financial statement and audit report implications related to going concern, as well as other related audit considerations, such as valuation and impairment, materiality, and internal control implications.

    "This event is the second in a developing initiative by the Forum of Firms to collectively share, examine, and evolve current practice in dealing with the many challenges facing auditors and the profession flowing from the current economic situation. It brings together the Forum membership in a unique manner to hear and openly exchange views, including hearing the latest developments from the International Auditing and Assurance Standards Board (IAASB)," states David Maxwell, Chair of both the symposium and the Forum of Firms.

    The symposium commenced with a jurisdictional analysis of accounting and auditing standards, followed by a presentation on IAASB perspectives with particular emphasis on the IAASB's Staff Audit Practice Alert, Audit Considerations in Respect of Going Concern in the Current Economic Environment, issued in January 2009. The symposium then focused on some of the practical auditing considerations being faced by auditors across a broad spectrum of industries. This resulted in discussion from a wide range of perspectives and suggestions of practical guidance to help auditors navigate through today's economic climate. The importance of carefully considering assumptions associated with client business models, getting a more intimate understanding of financing arrangements, as well as transparency in disclosures were key focus areas.

    "The symposiums are designed to disseminate good practice in an area of critical importance in today's environment and to support both Forum members and the broader Forum objective of providing the highest quality audit services," points out David Maxwell.

    About the Forum of Firms
    The Forum of Firms (www.ifac.org/Forum_of_Firms) is an association of networks of international accounting firms that perform transnational audits. Members of the Forum have committed to adhere to and promote the consistent application of high-quality audit practices worldwide, including the use of International Standards on Auditing, and the maintenance of appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board. Through their organizations, members also conduct globally coordinated internal quality assurance reviews on a regular basis and have policies and methodologies that conform to the International Federation of Accountants' Code of Ethics for Professional Accountants. The Transnational Auditors Committee is the Executive Committee of the Forum of Firms and a committee of the International Federation of Accountants.

     

    Related Resources

     
     
     
 

Important Note: Please read our website Terms of Use.

ALL RIGHTS ARE RESERVED. You may not reproduce, store or transmit in any form or by any means, electronic or otherwise, including photocopying, recording, or storage in any type of reference or information retrieval system, nor may you translate, modify or create derivative works or adaptations based on the text of any file, or any part thereof, without the prior written permission of the International Federation of Accountants (IFAC). Please direct permission requests to permissions@ifac.org. See also Permissions Information.