(C) The requirement is to determine the wording in the explanatory paragraph if there is…

(C) The requirement is to determine the wording in the explanatory paragraph if there is substantial doubt about the entity’s ability to continue as a going concern. Answer (C) is correct because if the auditor concludes that there is substantial doubt, the auditor should include an explanatory paragraph following the opinion paragraph and should include the phrase, “substantial doubt about its ability to continue as a going concern.” The time period is not mentioned in the audit report.

 

 

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