Overview:
The Going Concern concept is central to ensuring the transparency and reliability of financial statements. This webinar will explore management’s responsibilities when preparing financial statements, as well as auditors’ duties under ISA 570. It will cover how to assess management’s going concern evaluation, including reviewing cash flow forecasts, directors’ future plans and the minimum twelve-month assessment period. In addition, the session will offer practical guidance on audit documentation and the evidence required to support a going concern conclusion.
Key Features of the Course:
- Overview of management and directors’ responsibilities regarding going concern
- Understanding the requirements of ISA 570 and auditors’ responsibilities
- Techniques for evaluating management’s going concern assessment
- Comparing formal (budgets and forecasts) and informal information sources
- Guidance on gathering audit evidence and effective documentation practices
- Assessing the impact on the audit report
- Practical insights through example case studies
- Updates on revisions to ISA 570 and upcoming changes
- Regulator findings in respect of the audit of going concern audits in larger firms.
Speaker:
Kathryn Burns, Consultant, Mercia Ireland
Kathryn Burns joined Mercia Ireland in 2008 and is an Associate Member of the Institute of Chartered Accountants in Ireland. With a career rooted in technical excellence, she trained at Horwath Bastow Charleton (HBC) before gaining specialised experience in the Corporate Finance department of Farrell Grant Sparks (FGS). Prior to joining Mercia, she served as a Technical Executive with the Institute of Certified Public Accountants (ICPA).
In her current role, Kathryn is a specialist Technical Consultant providing essential compliance and audit support to accountancy practices across the Republic of Ireland and Northern Ireland. Her expertise encompasses the full spectrum of regulatory requirements, including audit compliance, ISQM standards, investment business, and insolvency reviews.
A trusted advisor to the profession, Kathryn supports firms in preparing for professional body inspections and contributes to Mercia’s extensive programme of CPD and technical products. Her core specialities include hot and cold file reviews, money laundering compliance, and advising on practice mergers and acquisitions.