Audit Conclusions and ReportingAudit Conclusions and Reporting

Audit Conclusions and Reporting

1. Based on the audit evidence obtained, the auditor shall conclude whether, in the auditor’s judgement, a material uncertainty exists related to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern. A material uncertainty exists when the magnitude of its potential impact and likelihood of occurrence is such that, in the auditor’s judgement, appropriate disclosure of the nature and implications of the uncertainty is necessary for:(Ref: Para. A19‑Aus A19.1)
   1. In the case of a fair presentation financial reporting framework, the fair presentation of the financial report, or
   2. In the case of a compliance framework, the financial report not to be misleading.