AUD — Quick Sheet
Related Parties & Going Concern
Read time: ~5 minutes
One-minute revision
- Related-party transactions: inquire, stay alert, evaluate disclosure — auditor need not verify arm's-length pricing
- Going concern horizon: ~1 year from date statements are issued/available to be issued
- Doubt alleviated by plans + disclosed → unmodified, no required extra section
- Doubt remains + adequately disclosed → unmodified opinion + separate going-concern section
- Doubt remains + inadequate disclosure → qualified or adverse (GAAP departure)
COMMON TRAP: Going-concern doubt alone never qualifies the opinion.