30
INSPI • Nr 9 • 2009




                      Going concern og den
                      finansielle krise Del 3
      ...
1. Indledning                                                       delsen og revisors ansvar i relation til going concern...
ing concern, såfremt der er forhold, som indikerer, at der        key questions that they may need to consider when prepa-...
Eksempler – boks 1



 I FRC’s notat om udfordringer for revisionskomiteer som følge af de nuværende økonomiske betingelse...
Eksempler – boks 2
34
INSPI • Nr 9 • 2009




                       I FRC’s notat om going concern og finansiel rapporter...
Eksempler – boks 3



 I ISA (UK and Ireland) 570 (2004) opregnes der en lang række eksempler på ’… events or conditions, ...
Eksempler – boks 4
36
INSPI • Nr 9 • 2009




                       I ISA (UK and Ireland) 570 (2004) opregnes der senere...
Eksempler – boks 5



  I APB Bulletin 2008/1 opregnes der en lang række eksempler på ’… factors that may increase the ris...
Eksempler – boks 6
38
INSPI • Nr 9 • 2009




                       I APB Bulletin 2008/10 opregnes der en lang række eks...
Eksempler – boks 7



 I SAS No. 59 (1988) opregnes der en lang række eksempler på revisionshandlinger, som ’… may identif...
Eksempler – boks 8
40
INSPI • Nr 9 • 2009




                       I SAS No. 59 (1988) opregnes der dernæst en lang rækk...
Eksempler – boks 9



 I SAS No. 59 (1988) opregnes der herefter en lang række eksempler på ’the auditor’s considerations ...
Eksempler – boks 10
42
INSPI • Nr 9 • 2009




                       PITF Practice Alert No. 2001-2 opregnes der en lang ...
Eksempler – boks 11



 I AICPA’s notat om regnskabs- og revisionsmæssige overvejelser i relation til den nuværende økonom...
krise og økonomisk afmatning. Det er dog vigtigt at være
                                                                 ...
Noter                                                                        Noter (fortsat)



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Going concern og den finansielle krise (3) – betydningen af den finansielle krise for ledelsens og revisors ansvar i relation til going concern (b)

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Going concern og den finansielle krise (3) – betydningen af den finansielle krise for ledelsens og revisors ansvar i relation til going concern (b)

  1. 1. 30 INSPI • Nr 9 • 2009 Going concern og den finansielle krise Del 3 - betydningen af den finansielle krise for ledelsen og revisors ansvar i re- lation til going concern (fortsat) REVISION | Af cand.merc.aud. Jesper Seehausen, revisor, Faglig udviklingsafdeling, Beierholm, og tidligere ph.d.-stipendiat, Aalborg Universitet Going concern er som bekendt et emne, som altid har været og formentlig altid vil være særdeles relevant for både ledelsen, som har ansvaret for at udarbejde og aflægge årsrapporten, og revisor, som har ansva- ret for at revidere årsrapporten. Dette gælder ikke mindst i disse tider med finansiel krise og økonomisk afmatning. Denne artikel er tredje og sidste artikel i en artikelserie om going concern og den finansielle krise. Formålet med den samlede artikelserie er at sætte de mange overvejelser om going concern, som er foretaget af både ledelsen og revisor i de seneste par måneder, ind i en større teoretisk sammenhæng. Indfaldsvinklen til artikelserien er således rent teoretisk, hvor denne tredje artikel omhandler betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going i henhold til gældende global – nærmere bestemt engelsk og amerikansk – regulering på området.
  2. 2. 1. Indledning delsen og revisors ansvar i relation til going concern i hen- Denne artikel omhandler betydningen af den finansielle hold til reguleringen fra APB. krise for ledelsen og revisors ansvar i relation til going con- cern. Formålet med artiklen er at behandle ledelsen og re- 2.1. Betydningen af den finansielle krise for visors ansvar i relation til going concern med hensyn til den ledelsen og revisors ansvar i relation til going finansielle krise. concern i henhold til reguleringen fra ASB mv. Dette afsnit, som omhandler betydningen af den finansiel- Artiklen er struktureret på følgende måde. Afsnit 2 om- le krise for ledelsen og revisors ansvar i relation til going handler betydningen af den finansielle krise for ledelsen og concern i henhold til reguleringen fra ASB mv., behandler revisors ansvar i relation til going concern i henhold til den FRS 18 (2000) og FRSSE’en (2008) samt FRC’s notat om engelske regulering i form af reguleringen fra henholdsvis udfordringer for revisionskomiteer som følge af de nuvæ- ASB og APB. Afsnit 3 omhandler betydningen af den finan- rende økonomiske betingelser (FRC, 2008a), FRC’s notat sielle krise for ledelsen og revisors ansvar i relation til going om oplysninger om going concern og likviditetsrisiko (FRC, concern i henhold til den amerikanske regulering i form af 2008b), FRC’s notat om going concern og likviditetsrisiko reguleringen fra henholdsvis FASB og ASB mv.1 (FRC, 2008c) og FRC’s notat om going concern og finansiel rapportering (FRC, 2009).2 3 2. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going concern FRS 18 (2000) i henhold til den engelske regulering i form af Det fremgår af FRS 18 (2000), som omhandler anvendt reguleringen fra henholdsvis ASB og APB regnskabspraksis (accounting policies), at ’… directors …’ INSPI • Nr 9 • 2009 Dette afsnit, som omhandler betydningen af den finansiel- – ’when preparing financial statements …’ – ’… should as- le krise for ledelsen og revisors ansvar i relation til going sess whether there are significant doubts about an entity’s concern i henhold til den engelske regulering i form af re- ability to continue as a going concern’, jf. afsnit 23. guleringen fra henholdsvis ASB og APB, er struktureret på følgende måde. Afsnit 2.1 omhandler betydningen af den Dette indikerer, at ledelsens vurdering af going concern finansielle krise for ledelsen og revisors ansvar i relation til er af proaktiv karakter, at ledelsen derfor altid skal fore- 31 going concern i henhold til reguleringen fra ASB mv. Afsnit tage en vurdering af going concern, og at det derfor ikke 2.2 omhandler betydningen af den finansielle krise for le- er tilstrækkeligt, at ledelsen foretager en vurdering af go-
  3. 3. ing concern, såfremt der er forhold, som indikerer, at der key questions that they may need to consider when prepa- 32 er going concern-problemer. Den finansielle krise er derfor ring for the year end and in carrying out their role in relation som udgangspunkt uden betydning for ledelsens ansvar i to annual financial statements’.6 INSPI • Nr 9 • 2009 relation til going concern. I notatet anføres det senere, at ’some companies are fa- Det fremgår senere af denne standard, at ’the degree of cing additional difficulties securing finance …’, at ’… some consideration necessary to make … [this] assessment … are reported to have experienced reduced facilities, incre- depends on the facts in each case’, at ’… detailed analysis ased cost and/or more demanding covenants’, og at ’these may not be necessary’, såfremt ’… an entity has a history of trends are likely to continue’.7 profitable operations, which are expected to continue, and ready access to financial resources …’, og at ’… the direc- I notatet anføres det dernæst, at ’heightened liquidity risk tors …’ – ’in other cases …’ – ’… may …’ – ’… in making may necessitate greater attention to the key assumptions their assessment …’ – ’… need to consider a wide range of and processes that lead to cash flow forecasts’, at ’… de- factors surrounding current and expected profitability, debt tailed consideration …’ – ’in some cases …’ – ’… will need repayment schedules and potential sources of replacement to be given to determine whether there are … or are not financing’, jf. afsnit 25.4 … material uncertainties leading to significant doubt about whether the business is a going concern’, og at ’audit com- Det vil sige, at indholdet af ledelsens vurdering af going mittees are likely to examine in more detail the rigour with concern afhænger af ’… the facts in each case’, det vil sige which the analysis supporting the going concern judgment den enkelte virksomheds forhold, og at ledelsen under visse has been made and the integrity of the disclosures about omstændigheder kan nøjes med at foretage en overfladisk going concern in the financial statements and other market vurdering af going concern, hvorimod ledelsen under andre communications’.8 omstændigheder skal foretage en mere dybdegående vur- dering af going concern. Det må antages, at den finansielle I notatet opregnes der en lang række eksempler på ’… po- krise medfører, at ledelsen oftere vil skulle foretage en mere tential key questions that may be relevant to audit committe- dybdegående vurdering af going concern. es as they seek to address these challenges’.9 Nogle af disse eksempler relaterer sig til likviditetsrisiko og going concern. FRSSE’en (2008) Disse eksempler er opregnet i boks 1 på næste side. Det fremgår af FRSSE’en (2008), som er ASB’s regnskabs- standard for mindre virksomheder, at ’the company is pre- FRC’s notat om oplysninger om going concern og sumed to be carrying on its business as a going concern’, likviditetsrisiko (FRC, 2008b) at ’… directors …’ – ’when preparing financial statements FRC har også udsendt et notat, som omhandler oplysninger …’ – ’… shall assess whether there are significant doubts om going concern og likviditetsrisiko (FRC, 2008b).10 Dette about the entity’s ability to continue as a going concern’, og notat omtales ikke nærmere. at ’the financial statements shall not be prepared on a going concern basis …’, såfremt ’… the directors determine after FRC’s notat om going concern og likviditetsrisiko the balance sheet date either that they intend to liquidate (FRC, 2008c) the entity or to cease trading … or that they have no reali- FRC har også udsendt et notat, som omhandler going con- stic alternative but to do so’, jf. afsnit 2.12. cern og likviditetsrisiko (FRC, 2008c).11 I dette notat anføres det, at ’current economic conditions provide particular chal- Dette indikerer, at ledelsens vurdering af going concern er lenges to all involved with annual reports and accounts’, af proaktiv karakter, at ledelsen derfor altid skal foretage en at ’one consequence is expected to be an increase in the vurdering af going concern, og at det derfor ikke er tilstræk- disclosures in annual reports and accounts about going keligt, at ledelsen foretager en vurdering af going concern, concern and liquidity risk’, og at ’… the current conditions såfremt der er forhold, som indikerer, at der er going con- …’ – ’as a result …’ – ’… will present challenges for all of cern-problemer. the parties involved: … [1] directors will need to ensure that they prepare thoroughly for their assessment of going FRC’s notat om udfordringer for revisionskomiteer concern and make appropriate disclosures[,] … [2] auditors som følge af de nuværende økonomiske betingel- will need to ensure that they fully consider going concern ser (FRC, 2008a) assessments and only refer to going concern in their audi- FRC har udsendt et notat, som omhandler udfordringer for tor’s reports when appropriate[,] and … [3] investors and revisionskomiteer som følge af de nuværende økonomiske lenders will need to be prepared to read all of the relevant betingelser (FRC, 2008a).5 I dette notat anføres det, at ’cur- information in annual reports and accounts before making rent economic conditions provide particular challenges to all decisions’.12 involved with annual reports and accounts’, og at formålet med notatet er ’… to assist audit committees by identifying
  4. 4. Eksempler – boks 1 I FRC’s notat om udfordringer for revisionskomiteer som følge af de nuværende økonomiske betingelser (FRC, 2008a) opregnes der en lang række eksempler på ’… potential key questions that may be relevant to audit committees as they seek to address these challenges’. Nogle af disse eksem- pler relaterer sig til likviditetsrisiko og going concern. Der er tale om følgende eksempler: • Has the audit committee considered whether the board may need to amend the group strategic plan, including expectations of future growth and the group’s ability to sustain its business model? • Has the group monitored its position in relation to continued volatility in the financial markets, including its exposure to liquidity risk and counterparty default risk? • Is the committee satisfied by the process that the board has conducted to conclude that the financial statements should be prepared on a going concern basis? • Is the committee satisfied that proper consideration has been given to cash flow forecasts prepared for at least but not limited to 12 months from the balance sheet date, including an analysis of headroom against available facilities? • Has the committee considered whether there is a need to extend the cash flow forecast exercise to evaluate issues that may arise after the end of the period covered by cash flow forecasts? • Is the committee satisfied that appropriate evidence has been obtained about the group’s ability to secure new or renew funding commit- ments? • Is additional evidence needed about the intentions of investors and lenders? • Has the committee considered an analysis of the terms of current banking facilities and covenants, and has this analysis identified risks that need to be addressed? • If so, are plans in place to manage those risks? • Is the committee satisfied that full consideration has been given to guarantees, indemnities or liquidity facilities that have been provided to other entities that the group may be called on to honour? • Have the directors considered whether the group has the resources to meet such obligations should they arise? Det fremgår af dette notat, at ’the importance of the different questions will vary depending upon individual facts and circumstances’. Boks 1: Udvalgte eksempler på ’… potential key questions that may be relevant to audit committees as they seek to address these challenges’ (FRC, 2008a) I notatet anføres det dernæst, at formålet med notatet er ’… I notatet anføres det endnu senere, at ’the effect of current to bring together existing guidance in the context of recent market conditions on individual entities requires careful eva- developments relating to going concern and liquidity risk luation’, men at ’… it should not be assumed that the ge- disclosures to assist directors, audit committees and finance neral economic situation at the present time of itself means teams of listed companies during the forthcoming reporting that a material uncertainty exists about a company’s ability season’, og at notatet ’… may also be useful for directors of to continue as a going concern’.17 unlisted companies who have similar responsibilities to as- sess going concern and make appropriate disclosures’.13 I notatet opregnes der en lang række eksempler på ’… procedu- res that directors may wish to consider when assessing the ap- FRC’s notat om going concern og finansiel rappor- propriateness of the use of the going concern basis of accounting tering (FRC, 2009) …’.18 Disse eksempler er opregnet i boks 2 på næste side. FRC har også udsendt et notat, som omhandler going con- cern og finansiel rapportering (FRC, 2009).14 I dette notat Sammenfatning anføres det, at ’economic difficulties are having a profound Det fremgår af FRS 18 (2000) og FRSSE’en (2008), at le- effect on the availability of credit for many individuals and delsens vurdering af going concern er af proaktiv karakter, companies’, og at ’this means that directors of companies of at ledelsen derfor altid skal foretage en vurdering af going all sizes may need to take more care in determining whether concern, og at det derfor ikke er tilstrækkeligt, at ledelsen they: … [1] should prepare their annual accounts on a going foretager en vurdering af going concern, såfremt der er concern basis … and … [2] need to make additional disclo- forhold, som indikerer, at der er going concern-problemer. sures in their annual accounts’.15 Den finansielle krise er derfor som udgangspunkt uden be- tydning for ledelsens ansvar i relation til going concern. INSPI • Nr 9 • 2009 I notatet anføres det senere, at formålet med notatet er ’… to assist directors of smaller companies by: … [1] sum- Indholdet af ledelsens vurdering af going concern afhæn- marising the criteria that must be met in order to produce ger desuden af ’… the facts in each case’, det vil sige den their annual accounts on a going concern basis … and … enkelte virksomheds forhold, og at ledelsen under visse [2] identifying some basic procedures that may be used to omstændigheder kan nøjes med at foretage en overfladisk support their conclusions on going concern’.16 vurdering af going concern, hvorimod ledelsen under andre 33 omstændigheder skal foretage en mere dybdegående vur- dering af going concern. Det må antages, at den finansielle
  5. 5. Eksempler – boks 2 34 INSPI • Nr 9 • 2009 I FRC’s notat om going concern og finansiel rapportering (FRC, 2009) opregnes der en lang række eksempler på ’… procedures that directors may wish to consider when assessing the appropriateness of the use of the going concern basis of accounting …’. Der er tale om følgende eksempler: • Directors should prepare a budget, trading estimate, cash flow forecast or a similar analysis covering the period up to 12 months from the date of approval of their annual accounts or for a longer period • If directors decide to prepare a budget, trading estimate or cash flow forecast they may: • Analyse income, costs or cash flows by month or by quarter. This may depend on the cyclical nature or otherwise of the business • Identify the most significant assumptions that underlie their forecast and prepare a short note on those assumptions • Identify reasonably possible adverse changes to income, costs or cash flows • Consider whether there is a need to take action, for example by negotiating better terms with creditors • Directors may summarise the key conditions contained in any existing bank facilities or credit arrangements made available by suppliers and consider the impact of reasonably possible adverse changes in these terms and conditions • Directors may discuss with their bankers and other lenders whether it is reasonable to assume that loans and/or overdrafts will continue to be available. The absence of confirmations, particularly in the current environment where banks are having to deal with a significant increase in workload, does not of itself necessarily cast significant doubt upon the ability of a company to continue as a going concern • Directors then assess all of the information that they have obtained and make and document their decision on whether to use the going con- cern basis of accounting for preparing their annual accounts • Directors then assess the need for disclosures about uncertainties in their annual accounts if they represent material uncertainties about the ability of the company to continue as a going concern Det fremgår af dette notat, at ’the extent of the procedures undertaken by directors should depend on the individual company’s specific facts and circumstances’, og at ’… directors of a company with significant borrowings and uncertainties about future sales …’ – ’for example …’ – ’… will need to conduct significantly more analysis than for a company with substantial cash balances and a committed order book’. Boks 2: Eksempler på ’… procedures that directors may wish to consider when assessing the appropriateness of the use of the going concern basis of accounting …’ (FRC, 2009) krise medfører, at ledelsen oftere vil skulle foretage en mere of management’s use of the going concern assumption in dybdegående vurdering af going concern. the preparation of the financial statements’, jf. afsnit 2.22 FRC har udsendt et notat, som omhandler udfordringer for Det fremgår dernæst af denne standard, at ’the auditor revisionskomiteer som følge af de nuværende økonomiske should also consider any relevant disclosures in the financial betingelser (FRC, 2008a), et notat, som omhandler oplys- statements’, jf. afsnit 2-1. ninger om going concern og likviditetsrisiko (FRC, 2008b), et notat, som omhandler going concern og likviditetsrisiko (FRC, Dette indikerer samlet set, at revisors vurdering af going 2008c), og et notat, som omhandler going concern og finan- concern er af proaktiv karakter, at revisor derfor altid skal siel rapportering (FRC, 2009). Disse notater kan være en hjælp foretage en vurdering af going concern, og at det derfor for ledelsen i disse tider med finansiel krise og økonomisk af- ikke er tilstrækkeligt, at revisor foretager en vurdering af matning. Det er dog vigtigt at være opmærksom på, at der going concern, såfremt der er forhold, som indikerer, at der netop er tale om notater og ikke standarder, og at notaterne er going concern-problemer. Den finansielle krise er derfor derfor ikke har samme retskildeværdi som standarder. som udgangspunkt uden betydning for revisors ansvar i re- lation til going concern. 2.2. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going Det fremgår senere af standarden, at ’the auditor’s respon- concern i henhold til reguleringen fra APB sibility is to consider the appropriateness of management’s Dette afsnit, som omhandler betydningen af den finansielle use of the going concern assumption in the preparation of krise for ledelsen og revisors ansvar i relation til going con- the financial statements … and consider whether there are cern i henhold til reguleringen fra APB, behandler ISA (UK material uncertainties about the entity’s ability to continue and Ireland) 570 (2004) samt APB Bulletin 2008/1 og APB as a going concern that need to be disclosed in the financial Bulletin 2008/10.19 20 21 statements’, og at ’the auditor considers the appropriate- ness of management’s use of the going concern assump- ISA (UK and Ireland) 570 (2004) tion …’, selv om ’… the financial reporting framework used Det fremgår af ISA (UK and Ireland) 570 (2004), som om- in the preparation of the financial statements does not in- handler going concern, at ’… the auditor …’ – ’when plan- clude an explicit requirement for management to make a ning and performing audit procedures and in evaluating the specific assessment of the entity’s ability to continue as a results thereof …’ – ’… should consider the appropriateness going concern’, jf. afsnit 9.23
  6. 6. Eksempler – boks 3 I ISA (UK and Ireland) 570 (2004) opregnes der en lang række eksempler på ’… events or conditions, which may give rise to business risks, that individually or collectively may cast significant doubt about the going concern assumption …’, jf. afsnit 8. Der er tale om følgende eksempler: Financial: • Net liability or net current liability position • Necessary borrowing facilities have not been agreed • Fixed-term borrowings approaching maturity without realistic prospects of renewal or repayment or excessive reliance on short-term bor- rowings to finance long-term assets • Major debt repayment falling due where refinancing is necessary to the entity’s continued existence • Major restructuring of debt • Indications of withdrawal of financial support by creditors • Negative operating cash flows indicated by historical or prospective financial statements • Adverse key financial ratios • Substantial operating losses or significant deterioration in the value of assets used to generate cash flows • Major losses or cash flow problems which have arisen since the balance sheet date • Arrears or discontinuance of dividends • Inability to pay creditors on due dates • Inability to comply with the terms of loan agreements • Reduction in normal terms of trade credit by suppliers • Inability to obtain financing for essential new product development or other essential investments • Substantial sales of fixed assets not intended to be replaced Operating: • • Loss of key management without replacement • Loss of key staff without replacement • Loss of a major market, franchise, license, or principal supplier • Labor difficulties or shortages of important supplies • Fundamental changes in the market or technology to which the entity is unable to adapt adequately • Excessive dependence on a few product lines where the market is depressed • Technical developments which render a key product obsolete Other: • Non-compliance with capital or other statutory requirements • Pending legal or regulatory proceedings against the entity that – if successful – may result in claims that the entity is unlikely to be able to satisfy • Changes in law or regulation or government policy expected to adversely affect the entity • Issues which involve a range of possible outcomes so wide that an unfavorable position could affect the appropriateness of the going concern basis Det fremgår af denne standard, at ’this listing is not all-inclusive …’, ligesom ’… the existence of one or more of the items [does not] always signify that a material uncertainty exists’, at ’the significance of such events or conditions often can be mitigated by other factors’, at ’… the effect of an entity being unable to make its normal debt repayments …’ – ’for example …’ – ’… may be counter-balanced by management’s plans to maintain adequate cash flows by alternative means … such as by disposal of assets, rescheduling of loan repayments, or obtaining additional capital’, og at ’… the loss of a principal supplier …’ – ’similarly …’ – ’… may be mitigated by the availability of a suitable alternative source of supply’, jf. igen afsnit 8.1 Det fremgår i den forbindelse af standarden, at ’the phrase … material uncertainty … is used … [about] the uncertainties related to events or conditions which may cast significant doubt on the enterprise’s ability to continue as a going concern that should be disclosed in the financial statements’, jf. note 3. Boks 3: Eksempler på ’… events or conditions, which may give rise to business risks, that individually or collectively may cast significant doubt about the going concern assumption …’ (ISA, UK and Ireland, 570, 2004) Det fremgår dernæst af standarden, at ’the auditor also Dette indikerer også, at revisors vurdering af going concern considers whether there are adequate disclosures regarding er af proaktiv karakter, at revisor derfor altid skal foretage the going concern basis in the financial statements in order en vurdering af going concern, og at det derfor ikke er til- that they give a true and fair view’, jf. afsnit 9-1. strækkeligt, at revisor foretager en vurdering af going con- INSPI • Nr 9 • 2009 cern, såfremt der er forhold, som indikerer, at der er going Det fremgår herefter af standarden, at ’the auditor’s pro- concern-problemer. cedures necessarily involve a consideration of the entity’s ability to continue in operational existence for the foresee- Det fremgår senere af standarden, at ’… management may able future’, og at ’… that …’ – ’in turn …’ – ’… neces- make its assessment without detailed analysis’, såfremt ’… sitates consideration both of the current and the possible there is a history of profitable operations and a ready ac- 35 future circumstances of the business and the environment cess to financial resources …’, at ’… the auditor’s conclusion in which it operates’, jf. afsnit 9-2. about the appropriateness of this assessment …’ – ’in such
  7. 7. Eksempler – boks 4 36 INSPI • Nr 9 • 2009 I ISA (UK and Ireland) 570 (2004) opregnes der senere en lang række eksempler på revisionshandlinger, som kan være relevante, såfremt ’… events or conditions have been identified which may cast significant doubt on the entity’s ability to continue as a going concern …’, jf. afsnit 28, jf. også afsnit 26 og afsnit 27 (men ikke afsnit 26-1 ff). Der er tale om følgende eksempler: • Analyzing and discussing cash flow, profit and other relevant forecasts with management • Analyzing and discussing the entity’s latest available interim financial statements • Reviewing 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 dif- ficulties • Inquiring of the entity’s lawyer regarding the existence of litigation and claims and the reasonableness of management’s assessment 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 • Considering the entity’s plans to deal with unfilled customer orders • Reviewing events after period end to identify those that either mitigate or otherwise affect the entity’s ability to continue as a going concern Boks 4: Eksempler på revisionshandlinger, som kan være relevante, såfremt ’… events or conditions have been identified which may cast significant doubt on the entity’s ability to continue as a going concern …’ (ISA, UK and Ireland, 570, 2004) circumstances …’ – ’… normally is also made without the consider when concluding audits in the economic environ- need for performing detailed procedures’, men at ’… the ment following recent developments in the financial mar- auditor performs additional audit procedures …’, såfremt kets commonly termed … the credit crunch …’, jf. afsnit 1. ’… events or conditions have been identified which may cast significant doubt about the entity’s ability to continue Det fremgår senere af udtalelsen, at ’one impact of the … as a going concern …’, jf. afsnit 21.24 25 credit crunch … may be to limit finance available to compa- nies and other entities … with …’ – ’… in extreme cases Det vil sige, at revisor under visse omstændigheder kan nø- …’ – ’… potentially serious consequences in relation to the jes med at foretage en overfladisk vurdering af going con- … going concern … assumption’, at ’past experience of cern, hvorimod revisor under andre omstændigheder skal obtaining necessary financing cannot be relied on alone to foretage en mere dybdegående vurdering af going concern. provide sufficient evidence of an entity’s ability to obtain Det må antages, at den finansielle krise medfører, at revisor financing in the future’, og at ’lenders may be more risk oftere vil skulle foretage en mere dybdegående vurdering averse when considering whether to provide or renew fi- af going concern.26 nance facilities and may establish new criteria and/or may increase interest rates’, jf. afsnit 8. I standarden opregnes der en lang række eksempler på ’… events or conditions, which may give rise to business risks, I udtalelsen opregnes der en lang række eksempler på ’… that individually or collectively may cast significant doubt factors that may increase the risk of material misstament in about the going concern assumption …’, jf. afsnit 8. Disse financial statements …’, særligt såfremt ’… financial mar- eksempler er opregnet i boks 3 på foregående side. ket conditions are difficult and credit facilities may be re- stricted’, jf. appendikset. Nogle af disse eksempler relaterer I standarden opregnes der senere en lang række eksem- sig til going concern. Disse eksempler er opregnet i boks 5 pler på revisionshandlinger, som kan være relevante, så- på næste side. fremt ’… events or conditions have been identified which may cast significant doubt on the entity’s ability to conti- APB Bulletin 2008/10 nue as a going concern …’, jf. afsnit 28, jf. også afsnit 26 Det fremgår af APB Bulletin 2008/10, som omhandler go- og afsnit 27 (men ikke afsnit 26-1 ff). Disse eksempler er ing concern-anliggender under de nuværende økonomiske opregnet i boks 4. betingelser (going concern issues during the current eco- nomic conditions), at ’current economic conditions provide APB Bulletin 2008/1 particular challenges to all involved with annual reports and Det fremgår af APB Bulletin 2008/1, som omhandler revi- accounts’, at ’one consequence is expected to be an incre- sionsmæssige anliggender, såfremt de finansielle markeds- ase in the disclosures in annual reports and accounts about betingelser er vanskelige og kreditfaciliteterne kan være going concern and liquidity risk’, og at ’… the current con- begrænsede (audit issues when financial market conditions ditions …’ – ’as a result …’ – ’… will present challenges for: are difficult and credit facilities may be restricted), at denne … [1] directors … who will need to ensure that they prepare udtalelse ’… provides guidance that auditors may need to thoroughly for their assessment of going concern and make
  8. 8. Eksempler – boks 5 I APB Bulletin 2008/1 opregnes der en lang række eksempler på ’… factors that may increase the risk of material misstament in financial statements …’, særligt såfremt ’… financial market conditions are difficult and credit facilities may be restricted’, jf. appendikset. Nogle af disse eksempler relaterer sig til going concern. Der er tale om følgende eksempler: Obtaining external financing: • Entity has experienced difficulties in the past in obtaining external financial facilities and/or complying with the related terms and covenants • Finance facilities are due for renewal in the next year but have not yet been agreed • Management have no plans for alternative arrangements should current facilities not be extended • Borrowing agreements or executory contracts include clauses relating to debt covenants or subjective clauses, for example, a material adverse change clause, that may trigger repayment • Entity has breached some of the terms or covenants giving rise to the risk that the facilities may be withdrawn or not renewed • Terms or covenants of renewed financing are changed and more difficult to comply with, for example, increased interest rates or charges • Finance facility is secured on assets, for example, properties, that have decreased in value below the amount of the facility • For financial institutions, reduced deposits from retail customers or reduced availability of funding from wholesale financial markets Management plans for overcome financing difficulties including disposal of assets: • Plans developed prior to current market conditions have not been updated • Lack of evidence that management can sell the assets at the values included in the plans Entity provides significant loans or guarantees: • Guarantees may be called in • Borrowers may be unable to make payments Entity dependent on guarantees provided by another party: • Guarantor no longer able or prepared to provide the guarantee Future cash flows: • Uncertain or volatile Entity dependent on key suppliers: • Suppliers facing financial difficulties not able to provide essential goods or services • Entity unable to find alternative suppliers Det fremgår af denne udtalelse, at ’there are many ways in which the current market conditions could impact the financial statements of an entity and its ability to continue as a going concern …’, og at ’… other risk factors may exist in the particular circumstances of each entity’, jf. igen ap- pendikset. Boks 5: Udvalgte eksempler på ’… factors that may increase the risk of material misstament in financial statements …’, særligt såfremt ’… financial market conditions are difficult and credit facilities may be restricted’ (APB Bulletin 2008/1) appropriate disclosures[,] and … [2] auditors … who will on relevant factors to be considered and highlights certain need to ensure that they fully consider going concern as- requirements and guidance …’, jf. afsnit 4. sessments and only refer to going concern in their auditor’s reports when appropriate’, jf. afsnit 1, herunder litra a f. I udtalelsen opregnes der en lang række eksempler på ’pos- sible events and conditions that may affect the auditor’s as- Det fremgår senere af denne udtalelse, at ’the effect of the sessment of going concern …’, jf. appendiks 2. De fleste af current market conditions on any particular entity requires disse eksempler er hentet direkte fra APB Bulletin 2008/1. careful evaluation’, men at ’… the general economic situation Disse eksempler omtales ikke nærmere, idet der i stedet INSPI • Nr 9 • 2009 at the present time does not …’ – ’… of itself …’ – ’… neces- henvises til boks 5. Nogle af eksemplerne er dog ikke hen- sarily mean that a material uncertainty exists about an en- tet fra denne udtalelse. Disse eksempler er opregnet i boks tity’s ability to continue as a going concern or justify auditors 6 på næste side.27 modifying their auditor’s reports to draw attention to going concern’, at ’the auditor makes a judgment on the need … or Sammenfatning otherwise … to draw attention to going concern on the basis Det fremgår af ISA (UK and Ireland) 570 (2004), at revisors 37 of the facts and circumstances of the entity at the time of sig- vurdering af going concern er af proaktiv karakter, at revisor ning the auditor’s report’, og at udtalelsen ’… gives guidance derfor altid skal foretage en vurdering af going concern, og
  9. 9. Eksempler – boks 6 38 INSPI • Nr 9 • 2009 I APB Bulletin 2008/10 opregnes der en lang række eksempler på ’possible events and conditions that may affect the auditor’s assessment of going concern …’, jf. appendiks 2. De fleste af disse eksempler er hentet direkte fra APB Bulletin 2008/1. Nogle af eksemplerne er dog ikke hentet fra denne udtalelse. Der er tale om følgende eksempler: Obtaining external financing: • There are significant doubts about the financial strength of the entity’s bankers • Financing is provided by a syndicate of banks and other financial institutions and there are concerns about the viability of one or more of the members of the syndicate Future cash flows: • Reduction in cash flows resulting from unfavourable economic conditions • Entity is subject to margin calls as a result of a decrease in fair market value of financial instruments that it holds • Entity has issued loans or received borrowings having an introductory period during which unfavourable terms are in force which revert to normal market rates in the forthcoming year Boks 6: Udvalgte eksempler på ’possible events and conditions that may affect the auditor’s assessment of going concern …’ (APB Bulletin 2008/10) at det derfor ikke er tilstrækkeligt, at revisor foretager en medmindre ’… management either intends to liquidate the vurdering af going concern, såfremt der er forhold, som in- entity or to cease operations or has no realistic alternative dikerer, at der er going concern-problemer. Den finansielle but to do so’, jf. afsnit 3.28 krise er derfor som udgangspunkt uden betydning for revi- sors ansvar i relation til going concern. Dette indikerer, at ledelsens vurdering af going concern er af proaktiv karakter, at ledelsen derfor altid skal fore- Under visse omstændigheder kan revisor desuden nøjes tage en vurdering af going concern, og at det derfor ikke med at foretage en overfladisk vurdering af going concern, er tilstrækkeligt, at ledelsen foretager en vurdering af go- hvorimod revisor under andre omstændigheder skal fore- ing concern, såfremt der er forhold, som indikerer, at der tage en mere dybdegående vurdering af going concern. er going concern-problemer. Den finansielle krise er derfor Det må antages, at den finansielle krise medfører, at revisor som udgangspunkt uden betydning for ledelsens ansvar i oftere vil skulle foretage en mere dybdegående vurdering relation til going concern. af going concern. Det fremgår dernæst af dette udkast, at ’the degree of con- 3. Betydningen af den finansielle krise for ledelsen sideration depends on the facts in each case’, at ’… ma- og revisors ansvar i relation til going concern i nagement may conclude that the going concern basis of ac- henhold til den amerikanske regulering i form af counting is appropriate without detailed analysis’, såfremt reguleringen fra henholdsvis FASB og ASB mv. ’… an entity has a history of profitable operations and ready Dette afsnit, som omhandler betydningen af den finansielle access to financial resources …’, og at ’… management …’ – krise for ledelsen og revisors ansvar i relation til going con- ’in other cases …’ – ’… may need to consider a wide range cern i henhold til den amerikanske regulering i form af re- of factors relating to current and expected profitability, debt guleringen fra henholdsvis FASB og ASB mv., er struktureret repayment schedules, and potential sources of replacement på følgende måde. Afsnit 3.1 omhandler betydningen af financing before it can satisfy itself that the going concern den finansielle krise for ledelsen og revisors ansvar i rela- basis is appropriate’, jf. afsnit 4. tion til going concern i henhold til reguleringen fra FASB. Afsnit 3.2 omhandler betydningen af den finansielle krise Det vil sige, at indholdet af ledelsens vurdering af going for ledelsen og revisors ansvar i relation til going concern i concern afhænger af ’… the facts in each case’, det vil sige henhold til reguleringen fra ASB mv. den enkelte virksomheds forhold, og at ledelsen under visse 3.1. Betydningen af den finansielle krise for omstændigheder kan nøjes med at foretage en overfladisk ledelsen og revisors ansvar i relation til going vurdering af going concern, hvorimod ledelsen under andre concern i henhold til reguleringen fra FASB omstændigheder skal foretage en mere dybdegående vurde- Det fremgår af FASB’s udkast til en ny SFAS om going con- ring af going concern. Det må som tidligere nævnt antages, cern, at ’… management …’ – ’when preparing financial at den finansielle krise medfører, at ledelsen oftere vil skulle statements …’ – ’… shall assess the reporting entity’s abi- foretage en mere dybdegående vurdering af going concern. lity to continue as a going concern’, og at ’an entity shall prepare financial statements on a going concern basis …’,
  10. 10. Eksempler – boks 7 I SAS No. 59 (1988) opregnes der en lang række eksempler på revisionshandlinger, som ’… may identify … conditions and events [that] …’ – ’… [when considered in the aggregate] …’ – ’… [indicate there could be substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time] …’, jf. afsnit 5. Der er tale om følgende eksempler: • Analytical procedures • Review of subsequent events • Review of compliance with the terms of debt and loan agreements • Reading of minutes of meetings of stockholders, board of directors, and important committees of the board • Inquiry of an entity’s legal counsel about litigation, claims, and assessments • Confirmation with related and third parties of the details of arrangements to provide or maintain financial support Boks 7: Eksempler på revisionshandlinger, som ’… may identify … conditions and events [that] …’ – ’… [when considered in the aggregate] …’ – ’… [in- dicate there could be substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time] …’ (SAS No. 59, 1988) I udkastet opregnes der en lang række eksempler på ’… that are related to management’s assertions embodied in the conditions and events that …’ – ’… if considered in the ag- financial statements being audited …’, jf. afsnit 2.31 gregate …’ – ’… indicate there could be substantial doubt about the reporting entity’s ability to continue as a going Dette indikerer, at revisors vurdering af going concern er concern’, jf. afsnit 5. Disse eksempler er hentet direkte fra af proaktiv karakter, at revisor derfor altid skal foretage SAS No. 59 (1988).29 Eksemplerne omtales derfor ikke nær- en vurdering af going concern, og at det derfor ikke er mere, idet der i stedet henvises til boks 8 på næste side. tilstrækkeligt, at ledelsen foretager en vurdering af going concern, såfremt der er forhold, som indikerer, at der er go- I udkastet opregnes der dernæst en lang række eksempler ing concern-problemer. Den finansielle krise er derfor som på ’management’s considerations relating to its plans …’, jf. udgangspunkt uden betydning for revisors ansvar i relation afsnit 6. Disse eksempler er også hentet direkte fra denne til going concern. standard. Eksemplerne omtales derfor heller ikke nærmere, idet der i stedet henvises til boks 9 på side 41. I denne standard opregnes der en lang række eksempler på revisionshandlinger, som ’… may identify … conditions and 3.2. Betydningen af den finansielle krise for events [that] …’ – ’… [when considered in the aggregate] …’ ledelsen og revisors ansvar i relation til going – ’… [indicate there could be substantial doubt about the en- concern i henhold til reguleringen fra ASB mv. tity’s ability to continue as a going concern for a reasonable Dette afsnit, som omhandler betydningen af den finansielle period of time] …’, jf. afsnit 5. Disse eksempler er opregnet krise for ledelsen og revisors ansvar i relation til going con- i boks 7. Det fremgår i den forbindelse af standarden, at ’it cern i henhold til reguleringen fra ASB mv., behandler SAS is not necessary to design audit procedures solely to identify No. 59 (1988), Securities Exchange Act of 1934 og PITF Prac- conditions and events that …’ – ’… when considered in the tice Alert No. 2001-2 samt AICPA’s notat om regnskabs- og aggregate …’ – ’… indicate there could be substantial doubt revisionsmæssige overvejelser i relation til den nuværende about the entity’s ability to continue as a going concern for a økonomiske krise og PCAOB’s notat om revisionsmæssige reasonable period of time’, og at ’the results of auditing pro- overvejelser i det nuværende økonomiske miljø.30 cedures designed and performed to achieve other audit ob- jectives should be sufficient for that purpose’, jf. igen afsnit 5. SAS No. 59 (1988) Det fremgår af SAS No. 59 (1988), som omhandler revisors I standarden opregnes der dernæst en lang række eksem- overvejelse af en virksomheds evne til at fortsætte som en go- pler på ’… conditions or events that …’ – ’… when con- ing concern (the auditor’s consideration of an entity’s ability sidered in the aggregate …’ – ’… indicate there could be to continue as a going concern), at ’the auditor has a responsi- substantial doubt about the entity’s ability to continue as bility to evaluate whether there is substantial doubt about the a going concern for a reasonable period of time’, jf. afsnit INSPI • Nr 9 • 2009 entity’s ability to continue as a going concern for a reasonable 6. Disse eksempler er opregnet i boks 8 på næste side. Det period of time … not to exceed one year beyond the date of fremgår i den forbindelse af standarden, at ’… the auditor the financial statements being audited …’, at ’the auditor’s …’ – ’in performing audit procedures such as those pre- evaluation is based on his knowledge of relevant conditions sented in … [section 5] …’, det vil sige ’… procedures that and events that exists at or have occurred prior to the date of may identify … conditions and events [that] …’ – ’… [when the auditor’s report’, og at ’information about such conditions considered in the aggregate] …’ – ’… [indicate there could be substantial doubt about the entity’s ability to continue 39 or events is obtained from the application of auditing pro- cedures planned and performed to achieve audit objectives as a going concern for a reasonable period of time] …’ – ’…
  11. 11. Eksempler – boks 8 40 INSPI • Nr 9 • 2009 I SAS No. 59 (1988) opregnes der dernæst en lang række eksempler på ’… conditions or events that …’ – ’… when considered in the aggregate …’ – ’… indicate there could be substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time’, jf. afsnit 6. Der er tale om følgende eksempler: Negative trends: • Recurring operating losses • Working capital deficiencies • Negative cash flows from operating activities • Adverse key financial ratios Other indications of possible financial difficulties: • Default on loan or similar agreements • Arrearages in dividends • Denial of usual trade credit from suppliers • Restructuring of debt • Noncompliance with statutory capital requirements • Need to seek new sources or methods of financing or to dispose of substantial assets Internal matters: • Workstoppages or other labor difficulties • Substantial dependence on the success of a particular project • Uneconomic long-term commitments • Need to significantly revise operations External matters: • Legal proceedings, legislation, or similar matters that might jeopardize an entity’s ability to operate • Loss of a key franchise, license, or patent • Loss of a principal customer og supplier • Uninsured or underinsured catastrophe such as a drought, earthquake, or flood Det fremgår af denne standard, at ’the significance of such conditions and events will depend on the circumstances …’, og at ’… some may have significance only when viewed in conjunction with others’, jf. igen afsnit 6. Boks 8: Eksempler på ’… conditions or events that …’ – ’… when considered in the aggregate …’ – ’… indicate there could be substantial doubt about the entity’s ability to continue as a going concern for a reasonable period of time’ (SAS No. 59, 1988) may identify information about certain conditions or events Securities Exchange Act of 1934 that …’ – ’… when considered in the aggregate …’ – ’… Det fremgår af Securities Exchange Act of 1934, afsnit 10A indicate there could be substantial doubt about the entity’s (a) (3), at ’each audit required pursuant to … [this Act] of ability to continue as a going concern for a reasonable pe- the financial statements of an issuer by a registered public riod of time’, jf. igen afsnit 6. accounting firm …’ – ’… in accordance with … [GAAS] as may be modified or supplemented from time to time by the I standarden opregnes der herefter en lang række eksem- Commission …’ – ’… shall include … [:] … (3) an evaluation pler på ’the auditor’s considerations relating to manage- of whether there is substantial doubt about the ability of ment plans …’, jf. afsnit 7. Disse eksempler er opregnet i the issuer to continue as a going concern during the en- boks 9 på næste side. Det fremgår i den forbindelse af stan- suing fiscal year’.32 darden, at ’… the auditor … should consider management’s plans for dealing with the adverse effects of the conditions Dette indikerer, at revisors vurdering af going concern er and events’, såfremt ’… [he] …’ – ’… after considering the af proaktiv karakter, at revisor derfor altid skal foretage en identified conditions and events in the aggregate …’ – ’… vurdering af going concern, og at det derfor ikke er tilstræk- believes there is substantial doubt about the ability of the keligt, at revisor foretager en vurdering af going concern, entity to continue as a going concern for a reasonable pe- såfremt der er forhold, som indikerer, at der er going con- riod of time …’, og at ’the auditor should obtain informa- cern-problemer. tion about the plans and consider whether it is likely the adverse effects will be mitigated for a reasonable period of PITF Practice Alert No. 2001-2 time and that such plans can be effectively implemented’, Det fremgår af PITF Practice Alert No. 2001-2, som om- jf. igen afsnit 7. handler revisionsmæssige overvejelser i perioder med øko-
  12. 12. Eksempler – boks 9 I SAS No. 59 (1988) opregnes der herefter en lang række eksempler på ’the auditor’s considerations relating to management plans …’, jf. afsnit 7. Der er tale om følgende eksempler: Plans to dispose of assets: • Restrictions on disposal of assets such as covenants limiting such transactions in loan or similar agreements or encumbrances against assets • Apparent marketability of assets that management plans to sell • Possible direct or indirect effects of disposal of assets Plans to borrow money or restructure debt: • Availability of debt financing, including existing or committed credit arrangements such as lines of credit or arrangements for factoring recei- vables or sale-leaseback of assets • Existing or committed arrangements to restructure or subordinate debt or to guarantee loans to the entity • Possible effects on management’s borrowing plans of existing restrictions on additional borrowing or the sufficiency of available collateral Plans to reduce or delay expenditures: • Apparent feasibility of plans to reduce overhead or administrative expenditures, to postpone maintenance or research and development pro- jects, or to lease rather than purchase assets • Possible direct or indirect effects of reduced or delayed expenditures Plans to increase ownership equity: • Apparent feasibility of plans to increase ownership equity, including existing or committed arrangements to raise additional capital • Existing or committed arrangements to reduce current dividend requirements or to accelerate cash distributions from affiliates or other inve- stors Boks 9: Eksempler på ’the auditor’s considerations relating to management plans …’ (SAS No. 59, 1988) nomisk usikkerhed (audit considerations in times of econo- cern …’ – ’… is important’, og at ’… the company’s assump- mic uncertainty), at ’periods of economic uncertainty lead tions to continue as a going concern …’ – ’for example …’ to challenging conditions for companies due to potential – ’… should be scrutinized to assess whether they are based deterioration of operating results, increased external scru- on overly optimistic or ”once in a lifetime” occurrences’.33 tiny, and reduced access to capital’, at ’these conditions can result in increased incentives for companies to adopt AICPA’s notat om regnskabs- og revisionsmæssige practices that may be incorrect or inconsistently applied in overvejelser i relation til den nuværende økonomi- an effort to address perceived expectations of the capital ske krise (AICPA, 2009) markets, creditors or potential investors’, at ’… professional AICPA har udsendt et notat (audit risk alert), som omhand- skepticism …’ – ’during such times …’ – ’… should be heigh- ler regnskabs- og revisionsmæssige overvejelser i relation til tened …’, at ’… the status quo should be challenged’, og at den nuværende økonomiske krise (current economic crisis denne udtalelse ’… is designed to remind auditors of issues – accounting and auditing considerations).34 I dette no- to consider during these times’. tat anføres det, at formålet med notatet er ’… to provide auditors of financial statements with an overview of recent I udtalelsen opregnes der en lang række eksempler på ’… economic, industry, technical, regulatory, and professional indicators of potential increased accounting and reporting developments that may affect the audits and other engage- risk calling for increased professional skepticism …’. Disse ments they perform’.35 eksempler er opregnet i boks 10 på næste side. I notatet anføres det senere, at ’the consideration of an en- Det fremgår af udtalelsen, at ’… an auditor …’ – ’during tity’s ability to continue as a going concern is required in INSPI • Nr 9 • 2009 times of economic uncertainty …’ – ’… should have a heigh- every audit performed under … [GAAS] and is an especially tened sense of awareness of a company’s ability to conti- important consideration in the current state of the econo- nue as a going concern’, at ’negative trends, loan covenant my’, og at ’an entity’s ability to continue as a going concern violations and legal proceedings are examples of items that is affected by many factors related to the current uncertain might indicate that there could be substantial doubt about economy …’, eksempelvis ’… the industry and geographic the ability of an entity to continue as a going concern’, at ’… area in which it operates, the financial health of its custo- 41 an appropriate level of professional skepticism …’ – ’when mers, suppliers, and financing sources’.36 evaluating management’s plans to continue as a going con-
  13. 13. Eksempler – boks 10 42 INSPI • Nr 9 • 2009 PITF Practice Alert No. 2001-2 opregnes der en lang række eksempler på ’… indicators of potential increased accounting and reporting risk calling for increased professional skepticism …’. Der er tale om følgende eksempler: Liquidity matters: • The company is undercapitalized and is relying heavily on bank loans and other credit and is in danger of violating loan covenants • The company appears to be dependent on an IPO for future funding • The company is having difficulty obtaining or maintaining financing • The company is showing liquidity problems Quality of earnings: • The company is changing significant accounting policies and assumptions to less conservative ones • The company is generating profits but not cash flow Industry characteristics: • The company is a dot-com or Internet company or a supplier to those types of companies • The company is not a market leader Management characteristics: • Management’s compensation is largely tied to earnings or the appreciation of stock options • The company appears vulnerable to the weakening economic conditions and management is not proactive in addressing changing conditions • The company’s management is selling their investment in company securities more than in the past • There is a significant change in members of senior management or the board of directors Boks 10: Eksempler på ’… indicators of potential increased accounting and reporting risk calling for increased professional skepticism …’ (PITF Practice Alert No. 2001-2) I notatet opregnes der en lang række eksempler på ’… in- and economy …’ – ’among other things …’ – ’… may create dications that there could be substantial doubt about the questions about the valuation, impairment, or recoverabi- ability of the entity to continue as a going concern …’.37 lity of certain assets and the completeness or valuation of Disse eksempler er opregnet i boks 11 på næste side. certain liabilities reflected in financial statements’.41 I notatet opregnes der senere en lang række eksempler på I notatet anføres det dernæst, at formålet med notatet er ’… risks related to the current state of the economy that may ’… to assist auditors in identifying matters related to the influence an entity’s ability to continue as a going concern current economic environment that might affect audit risk …’.38 Disse eksempler er opregnet i boks 12 på næste side. and require additional emphasis’. 42 I notatet opregnes der dernæst en lang række eksempler på ’possible audit responses for each of these respective risks I notatet anføres det senere, at ’… some companies …’ – …’.39 Disse eksempler er også opregnet i denne boks. ’in the current economic environment …’ – ’… may face challenges in their ability to continue operating as a going PCAOB’s notat om revisionsmæssige overvejelser i concern’, at ’… sources of liquidity …’ – ’for instance …’ – det nuværende økonomiske miljø (PCAOB, 2008) ’… may be strained because of reduced availability of lines PCAOB har udsendt et notat (audit practice alert), som … [or] letters of credit from financial institutions or becau- omhandler revisionsmæssige overvejelser i det nuværende se of a violation of a debt covenant or other covenant’, og økonomiske miljø (audit considerations in the current eco- at ’… companies …’ – ’additionally …’ – ’… may encounter nomic environment) (PCAOB, 2008).40 I dette notat anfø- limited access to the commercial paper markets, a decre- res det, at ’recent events in the financial markets and the ase in valuation of collateral, difficulty restructuring loans, current economic environment may affect companies’ ope- and delays in payment from customers’. 43 rations and financial reporting and …’ – ’… in turn …’ – ’… may have implications for audits of financial statements and Sammenfatning internal control over financial reporting’, at ’audit risks that Ligesom ISA (UK and Ireland) 570 (2004) fremgår det af may have been identified previously may become more sig- SAS No. 59 (1988) og Securities Exchange Act of 1934, at nificant …’, at ’… new risks may exist due to current events revisors vurdering af going concern er af proaktiv karakter, …’, eksempelvis ’… those affecting the economy, credit and at revisor derfor altid skal foretage en vurdering af going liquidity …’, og at ’… the current uncertainties in the market concern, og at det derfor ikke er tilstrækkeligt, at revisor
  14. 14. Eksempler – boks 11 I AICPA’s notat om regnskabs- og revisionsmæssige overvejelser i relation til den nuværende økonomiske krise (AICPA, 2009) opregnes der en lang række eksempler på ’… indications that there could be substantial doubt about the ability of the entity to continue as a going concern …’. Der er tale om følgende eksempler: Negative trends: • Negative cash flows from operating activities • Recurring operating losses • Working capital deficiencies • Lack of the ability to obtain additional financing Other indications of possible financial difficulties: • Defaults on debt, debt covenants, or both • Arrearages in dividends • The need to seek new sources of financing • The disposal of substantial assets Inadequate capitalization Internal matters: • Turnover in key management positions like CEO, CFO, and controller • Substantial dependence on the success of a particular investment or project Entrance into a new market for which the entity might not have the required expertise to successfully compete External matters such as market conditions Boks 11: Eksempler på ’… indications that there could be substantial doubt about the ability of the entity to continue as a going concern …’ (AICPA, 2009) Eksempler – boks 12 I AICPA’s notat om regnskabs- og revisionsmæssige overvejelser i relation til den nuværende økonomiske krise (AICPA, 2009) opregnes der senere en lang række eksempler på ’… risks related to the current state of the economy that may influence an entity’s ability to continue as a going concern …’. Der er tale om følgende eksempler: • Lenders may be looking for ways to get out of lending relationships • Financial support of a related party may not be a feasible mitigating factors depending on the financial health of that related party • An entity’s financial health could be significantly weakened if their suppliers or customers have been strongly affected by the economic crisis • Projections provided by entities based on historical data may not be reliable future predictions • Some entities may be hesitant to include informative and transparent going concern disclosures I dette notat opregnes der dernæst en lang række eksempler på ’possible audit responses for each of these respective risks …’. Der er tale om følgende eksempler: • Discuss with management their relationship with the lender and thoroughly review loan agreements • Determine the viability of the related party to provide financial support and review any formal documentation stating the details of this financial support • Obtain a strong understanding of the entity’s customers and suppliers and for any major customer or supplier consider reviewing data sup- porting their financial health • Review the projections in detail and consider their reasonableness based upon current economic conditions • Consider whether financial statement users would consider the disclosures complete Boks 12: Eksempler på ’… risks related to the current state of the economy that may influence an entity’s ability to continue as a going concern …’ og ’possible audit responses for each of these respective risks …’ (AICPA, 2009) INSPI • Nr 9 • 2009 foretager en vurdering af going concern, såfremt der er AICPA har udsendt et notat, som omhandler regnskabs- og forhold, som indikerer, at der er going concern-problemer. revisionsmæssige overvejelser i relation til den nuværende Den finansielle krise er derfor som udgangspunkt uden be- økonomiske krise, ligesom PCAOB har udsendt et notat, tydning for revisors ansvar i relation til going concern. som omhandler revisionsmæssige overvejelser i det nuvæ- 43 rende økonomiske miljø. Denne udtalelse og disse notater kan være en hjælp for revisor i disse tider med finansiel
  15. 15. krise og økonomisk afmatning. Det er dog vigtigt at være Forkortelser 44 opmærksom på, at der netop er tale om en udtalelse og notater men ikke standarder, og at udtalelsen og notaterne AICPA American Institute of CPAs (USA) INSPI • Nr 9 • 2009 derfor ikke har samme retskildeværdi som standarder. APB Auditing Practices Board (FRC) 4. Afslutning ASB (1) Accounting Standards Board (FRC) Denne artikel har omhandlet betydningen af den finan- (2) Auditing Standards Board (AICPA) sielle krise for ledelsen og revisors ansvar i relation til go- AU Auditing (SAS) ing concern. Formålet med artiklen har været at behandle CPA certified public accountant (autoriseret revisor) (USA) ledelsen og revisors ansvar i relation til going concern med hensyn til den finansielle krise. FAS Financial Accounting Series (FASB) FASB Financial Accounting Standards Board (USA) Artiklen har omhandlet betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going FRC Financial Reporting Council (UK) concern i henhold til den engelske regulering i form af FRS Financial Reporting Standard (ASB) reguleringen fra henholdsvis ASB og APB samt den ame- FRSSE Financial Reporting Standard for Smaller Entities (ASB) rikanske regulering i form af reguleringen fra henholds- vis FASB og ASB mv. GAAS Generally accepted auditing standards (generelt ac- cepterede revisionsstandarder) Der er to centrale budskaber i artiklen. Det første centrale IAASB International Auditing and Assurance Standards Board budskab er, at både ledelsen og revisors vurdering af going (IFAC) concern er af proaktiv karakter. Ledelsen og revisor skal IASB International Accounting Standards Board derfor altid foretage en vurdering af going concern. Det er derfor ikke tilstrækkeligt, at ledelsen og revisor foretager IFAC International Federation of Accountants en vurdering af going concern, såfremt der er forhold, som ISA International Standard on Auditing (IAASB) indikerer, at der er going concern-problemer. Den finan- PCAOB Public Company Accounting Oversight Board (USA) sielle krise er derfor som udgangspunkt uden betydning for ledelsen og revisors ansvar i relation til going concern. PITF Professional Issues Task Force (AICPA) SAS (1) Statement of Auditing Standards (APB) Det andet centrale budskab er, at indholdet af ledelsen – (2) Statement on Auditing Standards (ASB) og revisors – vurdering af going concern afhænger af den SFAS Statement of Financial Accounting Standards (FASB) enkelte virksomheds forhold. Under visse omstændighe- der kan ledelsen – og revisor – nøjes med at foretage en SSAP Statement of Standard Accounting Practice (ASB) overfladisk vurdering af going concern, hvorimod ledelsen US GAAS se ’GAAS’ – og revisor – under andre omstændigheder skal foretage en mere dybdegående vurdering af going concern. Det må antages, at den finansielle krise medfører, at ledelsen – og revisor – oftere vil skulle foretage en mere dybdegående vurdering af going concern. FRC, AICPA og PCAOB har udsendt notater, som kan være en hjælp for både ledelsen og revisor i disse tider med finansiel krise og økonomisk afmatning. Det er dog vigtigt at være opmærksom på, at der netop er tale om notater og ikke standarder, og at notaterne derfor ikke har samme retskildeværdi som standarder. Det er desuden vigtigt at være opmærksom på, at notater- ne ikke ændrer på men derimod fremhæver de to centrale budskaber i artiklen. Såfremt ledelsen og revisor sikrer sig, dels at der bliver foretaget en dybdegående vurdering af going concern, dels at denne vurdering er underbygget og bliver dokumenteret, skulle de således være på nogen- lunde sikker grund.
  16. 16. Noter Noter (fortsat) 1. Anden artikel i artikelserien omhandlede betydningen af den 30. PITF Practice Alert No. 2001-2: Audit considerations in times of finansielle krise for ledelsen og revisors ansvar i relation til going economic uncertainty. concern i henhold til den danske regulering, den fællesskabs- 31. I denne standard henvises der i den forbindelse til AU 326. retlige regulering samt den internationale regulering i form af 32. Det fremgår af afsnit 10A (a) (1) f, at ’each audit required pursuant reguleringen fra henholdsvis IASB og IAASB. to … [the Act] of the financial statements of an issuer by a registe- 2. FRS 18: Accounting policies (2000). Denne standard erstatter red public accounting firm …’ – ’… in accordance with … [GAAS] SSAP 2: Disclosure of accounting policies (1971). as may be modified or supplemented from time to time by the 3. FRSSE’en (2008) erstatter FRSSE’en (2007). Commission …’ – ’… shall include … [:] (1) procedures designed to 4. I standarden henvises der i den forbindelse til standardens afsnit provide reasonable assurance of detecting illegal acts that would 23. have a direct and material effect on the determination of financial 5. Dette notat er tilgængeligt på FRC’s hjemmeside (www.frc. statement amounts … [and] (2) procedures designed to identify co.uk). related party transactions that are material to the financial state- 6. FRC (2008a, p. 1). ments or otherwise require disclosure therein …’. 7. FRC (2008a, p. 2). 33. I udtalelsen henvises der i den forbindelse til SAS No. 59 (1988). 8. FRC (2008a, ibid.). 34. Dette notat er ikke tilgængeligt men kan købes på AICPA’s 9. FRC (2008a, pp. 3 ff). hjemmeside (www.aicpa.org). 10. Jf. note 5 ovenfor. 35. AICPA (2009, p. 1). 11. Jf. igen note 5 ovenfor. 36. AICPA (2009, pp. 23 f). 12. FRC (2008c, p. 1). 37. AICPA (2009, p. 24). 13. FRC (2008c, ibid.). 38. AICPA (2009, ibid.). 14. Jf. note 5 ovenfor. 39. AICPA (2009, pp. 24 f). 15. FRC (2009, p. 1). 40. Dette notat er tilgængeligt på PCAOB’s hjemmeside 16. FRC (2009, ibid.). (www.pcaobus.org). 17. FRC (2009, p. 3). 41. PCAOB (2008, p. 1). 18. FRC (2009, pp. 3 f). 42. PCAOB (2008, ibid.). 19. ISA (UK and Ireland) 570: Going concern (2004). Denne 43. PCAOB (2008, p. 15). standard erstatter SAS 130: The going concern basis in financial statements (1994). Standarden er baseret på ISA 570: Going concern. Denne standard er erstattet af ISA 570: Going concern (redrafted). Forfatter 20. APB Bulletin 2008/1: Audit issues when financial market conditi- ons are difficult and credit facilities may be restricted. 21. APB Bulletin 2008/10: Going concern issues during the current Jesper Seehausen I december 2008 indleverede JS sin ph.d.-af- economic conditions. handling til bedømmelse med henblik på opnåelse af ph.d.-graden. 22. Det fremgår i den forbindelse af denne standard, at ’… those Han er uddannet cand.merc.aud. fra 2004 og har efterfølgende væ- charged with governance …’ – ’in the UK and Ireland …’ – ’… ret ansat i forskellige stillinger inden for universitetsverdenen. Han are responsible for the preparation of the financial statements har modtaget Danica Prisen (1. prisen) for sin kandidatafhandling and the assessment of the entity’s ability to continue as a going og har desuden modtaget Tuborgfondets Erhvervsøkonomiske Pris. concern’, jf. note 1a. Han er nu ansat som revisor i Faglig udviklingsafdeling i Beierholm. 23. Jf. ovenstående note. 24. Jf. note 22 ovenfor. For yderligere info, kontakt: 25. I standarden henvises der i den forbindelse til standardens afsnit jse@beierholm.dk 6 og afsnit 26. 26. Det vil også sige, at ledelsen under visse omstændigheder kan nøjes med at foretage en overfladisk vurdering af going Litteraturliste concern, hvorimod ledelsen under andre omstændigheder skal foretage en mere dybdegående vurdering af going concern. Det må som tidligere nævnt også antages, at den finansielle • AICPA (2009): Current economic crisis – accounting and krise også medfører, at ledelsen oftere vil skulle foretage en • auditing considerations, New York: AICPA mere dybdegående vurdering af going concern. • FRC (2008a): Challenges for audit committees arising from 27. I udtalelsen opregnes der dernæst en lang række eksempler på • current economic conditions, London: FRC ’… factors that may increase the risk of material misstatement in • FRC (2008b): Study: Going concern and liquidity risk financial statements during the current economic conditions … • disclosures, London: FRC other than in relation to going concern’, jf. appendiks 3. Disse • FRC (2008c): An update for directors of listed companies: eksempler omtales ikke nærmere. • Going concern and liquidity risk, London: FRC 28. FAS No. 1650-100: Going concern (2008). • FRC (2009): An update for directors of companies that adopt 29. SAS No. 59: The auditor’s consideration of an entity’s ability to the FRSSE: Going concern and financial reporting, London: FRC continue as a going concern (AU 341) (1988). • PCAOB (2008): Audit considerations in the current economic environment, Washington D. C.: PCAOB INSPI • Nr 9 • 2009 45

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