Understand how a comprehensive framework includes concepts such as the presumption of a going concern and fair presentation, and recognize what disclosures need to be present.
Look beyond the figures and facts to consider not only the current accounting for the transaction, but also the future implications, such as the entity’s ability to continue as a going concern, as well as commitments and contingencies − including the auditor’s responsibility related to litigation claims assessment.
Consider the procedures and documentation required as well as the liquidation basis of accounting
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