The auditor's responsibility during the credit crunch. by Steve Collings
‘Credit crunch’, ‘recession’, ‘turbulent times’ – these are the words that seem to be permanently fixed to the media’s lips! However, now that times are difficult for everyone, this directly impacts on the work that auditors are expected to do.
The Auditing Practices Board (‘APB’) has issued guidance for auditors on the focus their audit should take during the credit crunch when it comes to assessing whether the financial statements for an audit client should be prepared on a going concern basis.