Effectivness of Going Concern Reports
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- Date Submitted: 01/23/2014 09:24 AM
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Accounting for managers 1
Prof : Jonathan Njoku
Assignment by Fadi Nicola
Accounting for managers 1
Prof : Jonathan Njoku
Assignment by Fadi Nicola
Table of Contents
Abstract: 2
Investment Dar background: 3
Going concern-literature review 4
Balance sheet of Investment Dar (TID) for 8
Ratio analysis for balance sheet and income statement for the years ended 31DEC (2008-2007-2006-2005) 9
Conclusion: 16
refernce list: 17
Abstract:
Against the backdrop of the financial crisis, this assignment seeks to stimulate debates about contemporary auditing practices. It notes that many financial institutions have sought state support within a short period of receiving unqualified audit opinion... The events raise question about auditors’ awareness about matters relevant to the consideration of the use of the going concern assumption in the preparation of the financial statements. In particular, management, those charged with governance and auditors alike will be faced with the challenge of evaluating the effect of the credit crisis and economic downturn on an entity’s ability to continue as a going concern and whether these effects on the entity ought to be described, or otherwise reflected, in the financial statements.
Investment Dar background:
The exciting journey of the investment Dar (TID) started in 1994when a group of leading Kuwait businessmen and shareholders Established the company aiming to close a gap created by a monopoly over the consumer Islamic finance in Kuwait at that time .TID started actual operations a year later as one of the first shareholding companies in the Gulf cooperation council specialized in consumer Islamic finance.
Within a short period of 11 years, TID evolved from a small firm operating
in the consumer finance market with a capital not exceeding KD 15 million to one of the biggest holding companies...
Prof : Jonathan Njoku
Assignment by Fadi Nicola
Accounting for managers 1
Prof : Jonathan Njoku
Assignment by Fadi Nicola
Table of Contents
Abstract: 2
Investment Dar background: 3
Going concern-literature review 4
Balance sheet of Investment Dar (TID) for 8
Ratio analysis for balance sheet and income statement for the years ended 31DEC (2008-2007-2006-2005) 9
Conclusion: 16
refernce list: 17
Abstract:
Against the backdrop of the financial crisis, this assignment seeks to stimulate debates about contemporary auditing practices. It notes that many financial institutions have sought state support within a short period of receiving unqualified audit opinion... The events raise question about auditors’ awareness about matters relevant to the consideration of the use of the going concern assumption in the preparation of the financial statements. In particular, management, those charged with governance and auditors alike will be faced with the challenge of evaluating the effect of the credit crisis and economic downturn on an entity’s ability to continue as a going concern and whether these effects on the entity ought to be described, or otherwise reflected, in the financial statements.
Investment Dar background:
The exciting journey of the investment Dar (TID) started in 1994when a group of leading Kuwait businessmen and shareholders Established the company aiming to close a gap created by a monopoly over the consumer Islamic finance in Kuwait at that time .TID started actual operations a year later as one of the first shareholding companies in the Gulf cooperation council specialized in consumer Islamic finance.
Within a short period of 11 years, TID evolved from a small firm operating
in the consumer finance market with a capital not exceeding KD 15 million to one of the biggest holding companies...