Period beyond Management’s Assessment (RPeriod beyond Management’s Assessment (Ref: Para. 15)

Period beyond Management’s Assessment (Ref: Para. 15)

1. As required by paragraph 11, the auditor remains alert to the possibility that there may be known events, scheduled or otherwise, or conditions that will occur beyond the period of assessment used by management that may bring into question the appropriateness of management’s use of the going concern assumption in preparing the financial report. Since the degree of uncertainty associated with the outcome of an event or condition increases as the event or condition is further into the future, in considering events or conditions further in the future, the indications of going concern issues need to be significant before the auditor needs to consider taking further action. If such events or conditions are identified, the auditor may need to request management to evaluate the potential significance of the event or condition on its assessment of the entity’s ability to continue as a going concern. In these circumstances the procedures in paragraph 16 apply.
2. [Deleted by the AUASB. Refer Aus A14.1]

Aus A14.1 Other than enquiry of management, the auditor does not have a responsibility to perform any other audit procedures to identify events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern beyond the relevant period, which, as discussed in paragraph Aus 13.2, is approximately twelve months from the date of the auditor’s report on the current financial report.