Technical factsheet 143 - The impact of the credit crunch in the audit of small companies

The guidance reviews the Auditing Practices Board’s response to the credit crunch conditions as set out in Bulletin 2008/01 issued in January 2008. The factsheet then develops various examples of circumstances capable of increasing the risk of material misstatement of financial statements and affecting the going concern assumption of the accounts, together with an analysis of possible auditor’s procedures that could be taken in response. Download the factsheet from the 'Related documents' section.