Description
Who It’s For
- Small and medium-sized businesses preparing annual financial statements
- Directors and business owners responsible for assessing going concern status
- Accountants and bookkeepers preparing financial statements and working papers
- Companies requiring documented evidence to support management’s going concern assessment
- Businesses seeking to identify and address potential financial, operational, or compliance risks before year-end
What Problem It Solves
Many businesses struggle to formally assess and document whether they can continue operating for the foreseeable future. Without a structured approach, key risks may be overlooked, supporting evidence may be incomplete, and management may be unable to adequately justify the use of the going concern assumption in the preparation of financial statements.
This template provides a practical framework to identify potential risk factors, assess their severity, document mitigating actions, and reach a well-supported conclusion.
This Can Lead To:
- Improved compliance with financial reporting requirements
- Better identification of financial and operational risks
- Stronger documentation supporting management decisions
- More efficient year-end financial statement preparation
- Greater confidence when dealing with accountants, auditors, lenders, and stakeholders
- Early identification of issues requiring corrective action
What’s Included (Download Contents)
- Comprehensive Going Concern Assessment Template
- Financial Indicators Assessment Checklist (24 indicators)
- Operating Indicators Assessment Checklist (14 indicators)
- Regulatory and Compliance Indicators Assessment Checklist (22 indicators)
- Risk Severity and Impact Assessment Sections
- Mitigating Factors Guidance and Examples
- Management Assessment and Conclusion Framework
- Professional Working Paper Format
- Overall Going Concern Conclusion Section
- Fully editable Excel template for ongoing use
