Going Concern Evaluation
Assessing the Entity's Ability to Continue
As part of completing the audit, auditors evaluate whether substantial doubt exists about the entity's ability to continue as a going concern for a reasonable period of time, generally one year after the date the financial statements are issued (or available to be issued), in accordance with the applicable financial reporting framework.
Note
Management's plans to mitigate going concern issues must be evaluated for feasibility.
Summary
The auditor evaluates whether significant uncertainty exists regarding the entity's ability to continue operations.