Auditing and Assurance Standards and Guidance

Auditing Standards (Ireland)

FRC ISAs (UK and Ireland) applicable for periods beginning on or after 15 December 2010 but before 17 June 2016

ISA (UK and Ireland) 570 Going Concern

ISA (UK and Ireland) 570 applicable for periods ending on or after 15 December 2010

Application and Other Explanatory Material

Additional Audit Procedures When Events or Conditions Are Identified (Ref: Para. 16 )

A15.	Audit procedures that are relevant to the requirement in paragraph 16 may include the following:

Analyzing and discussing cash flow, profit and other relevant forecasts with management.

Analyzing and discussing the entity's latest available interim financial statements.

Reading the terms of debentures and loan agreements and determining whether any have been breached.

Reading minutes of the meetings of shareholders, those charged with governance and relevant committees for reference to financing difficulties.

Inquiring of the entity's legal counsel regarding the existence of litigation and claims and the reasonableness of management's^1a assessments of their outcome and the estimate of their financial implications.

Confirming the existence, legality and enforceability of arrangements to provide or maintain financial support with related and third parties and assessing the financial ability of such parties to provide additional funds.

Evaluating the entity's plans to deal with unfilled customer orders.

Performing audit procedures regarding subsequent events to identify those that either mitigate or otherwise affect the entity's ability to continue as a going concern.

Confirming the existence, terms and adequacy of borrowing facilities.

Obtaining and reviewing reports of regulatory actions.

Determining the adequacy of support for any planned disposals of assets.