THE EXAMINATION OF THE GOING CONCERN IN A MISSION OF AUDITING THE ANNUAL FINANCIAL STATEMENTS

Laura-Alexandra Mortura ()
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Laura-Alexandra Mortura: ”1st of December 1918” University of Alba Iulia, Romania

Contemporary Economy Journal, 2019, vol. 4, issue 4, 46-51

Abstract: An important tool made available to the parties involved in a market economy in the era of globalization by economic practice, to provide end-users with assurance on the truthfulness and reliability of the information provided by the financial statements, is statutory audit. In addition, in order to increase the confidence of users in this information, the auditors should determine whether the audited entity complies with the principle of going concern, in which sense they must determine the bankruptcy status of the audited entity, respectively to determine the solvency level of it. In order to make this assessment, economic practice provides the necessary tools through the economic and financial analysis, using the scores method and applying the Altman model.

Keywords: audit; statutory audit; audit mission; going concern; Altman Model (search for similar items in EconPapers)
JEL-codes: M42 (search for similar items in EconPapers)
Date: 2019
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