Interesting reading the Financial Reporting Council’s new guidance for audit committees in the economic crisis.
Essentially, the top line should read like this: ‘You better be very, very careful.’ Scary thought, but I can’t get away from the fact that that is in fact what the guidance means. This is especially the case when reading the line:
Audit committees are likely to examine in more detail the rigour with which the analysis supporting the going concern judgment has been made and the integrity of the disclosures about going concern in the financial statements and other market communications.’
That’s not really an observation more of an imperative. And that pile the pressure on audit committee members. In fact as a contact in regulation said to me today: ‘Who’d be an audit member now?’
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