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

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.

Going concern og den finansielle krise - betydningen af den finansielle krise

for ledelsen og revisors ansvar i re-lation til going concern (fortsat)

Del 3

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1. IndledningDenne artikel omhandler betydningen af den finansielle

krise for ledelsen og revisors ansvar i relation til going con-

cern. Formålet med artiklen er at behandle ledelsen og re-

visors ansvar i relation til going concern med hensyn til den

finansielle krise.

Artiklen er struktureret på følgende måde. Afsnit 2 om-

handler betydningen af den finansielle krise for ledelsen og

revisors ansvar i relation til going concern i henhold til den

engelske regulering i form af reguleringen fra henholdsvis

ASB og APB. Afsnit 3 omhandler betydningen af den finan-

sielle krise for ledelsen og revisors ansvar i relation til going

concern i henhold til den amerikanske regulering i form af

reguleringen fra henholdsvis FASB og ASB mv.1

2. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going concern i henhold til den engelske regulering i form af reguleringen fra henholdsvis ASB og APB

Dette afsnit, som omhandler betydningen af den finansiel-

le krise for ledelsen og revisors ansvar i relation til going

concern i henhold til den engelske regulering i form af re-

guleringen fra henholdsvis ASB og APB, er struktureret på

følgende måde. Afsnit 2.1 omhandler betydningen af den

finansielle krise for ledelsen og revisors ansvar i relation til

going concern i henhold til reguleringen fra ASB mv. Afsnit

2.2 omhandler betydningen af den finansielle krise for le-

delsen og revisors ansvar i relation til going concern i hen-

hold til reguleringen fra APB.

2.1. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going concern i henhold til reguleringen fra ASB mv.

Dette afsnit, som omhandler betydningen af den finansiel-

le krise for ledelsen og revisors ansvar i relation til going

concern i henhold til reguleringen fra ASB mv., behandler

FRS 18 (2000) og FRSSE’en (2008) samt FRC’s notat om

udfordringer for revisionskomiteer som følge af de nuvæ-

rende økonomiske betingelser (FRC, 2008a), FRC’s notat

om oplysninger om going concern og likviditetsrisiko (FRC,

2008b), FRC’s notat om going concern og likviditetsrisiko

(FRC, 2008c) og FRC’s notat om going concern og finansiel

rapportering (FRC, 2009).2 3

FRS 18 (2000)Det fremgår af FRS 18 (2000), som omhandler anvendt

regnskabspraksis (accounting policies), at ’… directors …’

– ’when preparing financial statements …’ – ’… should as-

sess whether there are significant doubts about an entity’s

ability to continue as a going concern’, jf. afsnit 23.

Dette indikerer, at ledelsens vurdering af going concern

er af proaktiv karakter, at ledelsen derfor altid skal fore-

tage en vurdering af going concern, og at det derfor ikke

er tilstrækkeligt, at ledelsen foretager en vurdering af go-

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ing concern, såfremt der er forhold, som indikerer, at der

er going concern-problemer. Den finansielle krise er derfor

som udgangspunkt uden betydning for ledelsens ansvar i

relation til going concern.

Det fremgår senere af denne standard, at ’the degree of

consideration necessary to make … [this] assessment …

depends on the facts in each case’, at ’… detailed analysis

may not be necessary’, såfremt ’… an entity has a history of

profitable operations, which are expected to continue, and

ready access to financial resources …’, og at ’… the direc-

tors …’ – ’in other cases …’ – ’… may …’ – ’… in making

their assessment …’ – ’… need to consider a wide range of

factors surrounding current and expected profitability, debt

repayment schedules and potential sources of replacement

financing’, jf. afsnit 25.4

Det vil sige, at indholdet af ledelsens vurdering af going

concern afhænger af ’… the facts in each case’, det vil sige

den enkelte virksomheds forhold, og at ledelsen under visse

omstændigheder kan nøjes med at foretage en overfladisk

vurdering af going concern, hvorimod ledelsen under andre

omstændigheder skal foretage en mere dybdegående vur-

dering af going concern. Det må antages, at den finansielle

krise medfører, at ledelsen oftere vil skulle foretage en mere

dybdegående vurdering af going concern.

FRSSE’en (2008)Det fremgår af FRSSE’en (2008), som er ASB’s regnskabs-

standard for mindre virksomheder, at ’the company is pre-

sumed to be carrying on its business as a going concern’,

at ’… directors …’ – ’when preparing financial statements

…’ – ’… shall assess whether there are significant doubts

about the entity’s ability to continue as a going concern’, og

at ’the financial statements shall not be prepared on a going

concern basis …’, såfremt ’… the directors determine after

the balance sheet date either that they intend to liquidate

the entity or to cease trading … or that they have no reali-

stic alternative but to do so’, jf. afsnit 2.12.

Dette indikerer, at ledelsens vurdering af going concern er

af proaktiv karakter, at ledelsen derfor altid skal foretage en

vurdering af going concern, og at det derfor ikke er tilstræk-

keligt, at ledelsen foretager en vurdering af going concern,

såfremt der er forhold, som indikerer, at der er going con-

cern-problemer.

FRC’s notat om udfordringer for revisionskomiteer som følge af de nuværende økonomiske betingel-ser (FRC, 2008a)FRC har udsendt et notat, som omhandler udfordringer for

revisionskomiteer som følge af de nuværende økonomiske

betingelser (FRC, 2008a).5 I dette notat anføres det, at ’cur-

rent economic conditions provide particular challenges to all

involved with annual reports and accounts’, og at formålet

med notatet er ’… to assist audit committees by identifying

key questions that they may need to consider when prepa-

ring for the year end and in carrying out their role in relation

to annual financial statements’.6

I notatet anføres det senere, at ’some companies are fa-

cing additional difficulties securing finance …’, at ’… some

are reported to have experienced reduced facilities, incre-

ased cost and/or more demanding covenants’, og at ’these

trends are likely to continue’.7

I notatet anføres det dernæst, at ’heightened liquidity risk

may necessitate greater attention to the key assumptions

and processes that lead to cash flow forecasts’, at ’… de-

tailed consideration …’ – ’in some cases …’ – ’… will need

to be given to determine whether there are … or are not

… material uncertainties leading to significant doubt about

whether the business is a going concern’, og at ’audit com-

mittees are likely to examine in more detail the rigour with

which the analysis supporting the going concern judgment

has been made and the integrity of the disclosures about

going concern in the financial statements and other market

communications’.8

I notatet opregnes der en lang række eksempler på ’… po-

tential key questions that may be relevant to audit committe-

es as they seek to address these challenges’.9 Nogle af disse

eksempler relaterer sig til likviditetsrisiko og going concern.

Disse eksempler er opregnet i boks 1 på næste side.

FRC’s notat om oplysninger om going concern og likviditetsrisiko (FRC, 2008b)FRC har også udsendt et notat, som omhandler oplysninger

om going concern og likviditetsrisiko (FRC, 2008b).10 Dette

notat omtales ikke nærmere.

FRC’s notat om going concern og likviditetsrisiko (FRC, 2008c)FRC har også udsendt et notat, som omhandler going con-

cern og likviditetsrisiko (FRC, 2008c).11 I dette notat anføres

det, at ’current economic conditions provide particular chal-

lenges to all involved with annual reports and accounts’,

at ’one consequence is expected to be an increase in the

disclosures in annual reports and accounts about going

concern and liquidity risk’, og at ’… the current conditions

…’ – ’as a result …’ – ’… will present challenges for all of

the parties involved: … [1] directors will need to ensure

that they prepare thoroughly for their assessment of going

concern and make appropriate disclosures[,] … [2] auditors

will need to ensure that they fully consider going concern

assessments and only refer to going concern in their audi-

tor’s reports when appropriate[,] and … [3] investors and

lenders will need to be prepared to read all of the relevant

information in annual reports and accounts before making

decisions’.12

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I notatet anføres det dernæst, at formålet med notatet er ’…

to bring together existing guidance in the context of recent

developments relating to going concern and liquidity risk

disclosures to assist directors, audit committees and finance

teams of listed companies during the forthcoming reporting

season’, og at notatet ’… may also be useful for directors of

unlisted companies who have similar responsibilities to as-

sess going concern and make appropriate disclosures’.13

FRC’s notat om going concern og finansiel rappor-tering (FRC, 2009)FRC har også udsendt et notat, som omhandler going con-

cern og finansiel rapportering (FRC, 2009).14 I dette notat

anføres det, at ’economic difficulties are having a profound

effect on the availability of credit for many individuals and

companies’, og at ’this means that directors of companies of

all sizes may need to take more care in determining whether

they: … [1] should prepare their annual accounts on a going

concern basis … and … [2] need to make additional disclo-

sures in their annual accounts’.15

I notatet anføres det senere, at formålet med notatet er

’… to assist directors of smaller companies by: … [1] sum-

marising the criteria that must be met in order to produce

their annual accounts on a going concern basis … and …

[2] identifying some basic procedures that may be used to

support their conclusions on going concern’.16

I notatet anføres det endnu senere, at ’the effect of current

market conditions on individual entities requires careful eva-

luation’, men at ’… it should not be assumed that the ge-

neral economic situation at the present time of itself means

that a material uncertainty exists about a company’s ability

to continue as a going concern’.17

I notatet opregnes der en lang række eksempler på ’… procedu-

res that directors may wish to consider when assessing the ap-

propriateness of the use of the going concern basis of accounting

…’.18 Disse eksempler er opregnet i boks 2 på næste side.

SammenfatningDet fremgår af FRS 18 (2000) og FRSSE’en (2008), at le-

delsens vurdering af going concern er af proaktiv karakter,

at ledelsen derfor altid skal foretage en vurdering af going

concern, og at det derfor ikke er tilstrækkeligt, at ledelsen

foretager en vurdering af going concern, såfremt der er

forhold, som indikerer, at der er going concern-problemer.

Den finansielle krise er derfor som udgangspunkt uden be-

tydning for ledelsens ansvar i relation til going concern.

Indholdet af ledelsens vurdering af going concern afhæn-

ger desuden af ’… the facts in each case’, det vil sige den

enkelte virksomheds forhold, og at ledelsen under visse



omstændigheder skal foretage en mere dybdegående vur-

dering af going concern. Det må antages, at den finansielle

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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)

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krise medfører, at ledelsen oftere vil skulle foretage en mere

dybdegående vurdering af going concern.

FRC har udsendt et notat, som omhandler udfordringer for

revisionskomiteer som følge af de nuværende økonomiske

betingelser (FRC, 2008a), et notat, som omhandler oplys-

ninger om going concern og likviditetsrisiko (FRC, 2008b), et

notat, som omhandler going concern og likviditetsrisiko (FRC,

2008c), og et notat, som omhandler going concern og finan-

siel rapportering (FRC, 2009). Disse notater kan være en hjælp

for ledelsen i disse tider med finansiel krise og økonomisk af-

matning. 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.

2.2. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going concern i henhold til reguleringen fra APB

Dette afsnit, som omhandler betydningen af den finansielle


cern i henhold til reguleringen fra APB, behandler ISA (UK

and Ireland) 570 (2004) samt APB Bulletin 2008/1 og APB

Bulletin 2008/10.19 20 21

ISA (UK and Ireland) 570 (2004)Det fremgår af ISA (UK and Ireland) 570 (2004), som om-

handler going concern, at ’… the auditor …’ – ’when plan-

ning and performing audit procedures and in evaluating the

results thereof …’ – ’… should consider the appropriateness

of management’s use of the going concern assumption in

the preparation of the financial statements’, jf. afsnit 2.22

Det fremgår dernæst af denne standard, at ’the auditor

should also consider any relevant disclosures in the financial

statements’, jf. afsnit 2-1.

Dette indikerer samlet set, at revisors vurdering af going

concern er af proaktiv karakter, at revisor derfor altid skal

foretage en vurdering af going concern, og at det derfor

ikke er tilstrækkeligt, at revisor foretager en vurdering af

going concern, såfremt der er forhold, som indikerer, at der


som udgangspunkt uden betydning for revisors ansvar i re-

lation til going concern.

Det fremgår senere af standarden, at ’the auditor’s respon-

sibility is to consider the appropriateness of management’s

use of the going concern assumption in the preparation of

the financial statements … and consider whether there are

material uncertainties about the entity’s ability to continue

as a going concern that need to be disclosed in the financial

statements’, og at ’the auditor considers the appropriate-

ness of management’s use of the going concern assump-

tion …’, selv om ’… the financial reporting framework used

in the preparation of the financial statements does not in-

clude an explicit requirement for management to make a

specific assessment of the entity’s ability to continue as a

going concern’, jf. afsnit 9.23


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 periodIf 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 conditionsDirectors 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 concernDirectors 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 accountsDirectors 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)

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Det fremgår dernæst af standarden, at ’the auditor also

considers whether there are adequate disclosures regarding

the going concern basis in the financial statements in order

that they give a true and fair view’, jf. afsnit 9-1.

Det fremgår herefter af standarden, at ’the auditor’s pro-

cedures necessarily involve a consideration of the entity’s

ability to continue in operational existence for the foresee-

able future’, og at ’… that …’ – ’in turn …’ – ’… neces-

sitates consideration both of the current and the possible

future circumstances of the business and the environment

in which it operates’, jf. afsnit 9-2.

Dette indikerer også, at revisors vurdering af going concern

er af proaktiv karakter, at revisor derfor altid skal foretage

en vurdering af going concern, og at det derfor ikke er til-

strækkeligt, at revisor foretager en vurdering af going con-

cern, såfremt der er forhold, som indikerer, at der er going

concern-problemer.

Det fremgår senere af standarden, at ’… management may

make its assessment without detailed analysis’, såfremt ’…

there is a history of profitable operations and a ready ac-

cess to financial resources …’, at ’… the auditor’s conclusion

about the appropriateness of this assessment …’ – ’in such


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 assetsMajor 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)

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circumstances …’ – ’… normally is also made without the

need for performing detailed procedures’, men at ’… the

auditor performs additional audit procedures …’, såfremt

’… events or conditions have been identified which may

cast significant doubt about the entity’s ability to continue

as a going concern …’, jf. afsnit 21.24 25

Det vil sige, at revisor under visse omstændigheder kan nø-

jes med at foretage en overfladisk vurdering af going con-

cern, hvorimod revisor under andre omstændigheder skal

foretage en mere dybdegående vurdering af going concern.

Det må antages, at den finansielle krise medfører, at revisor

oftere vil skulle foretage en mere dybdegående vurdering

af going concern.26

I standarden 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. Disse

eksempler er opregnet i boks 3 på foregående side.

I standarden opregnes der senere en lang række eksem-

pler på revisionshandlinger, som kan være relevante, så-

fremt ’… events or conditions have been identified which

may cast significant doubt on the entity’s ability to conti-

nue as a going concern …’, jf. afsnit 28, jf. også afsnit 26

og afsnit 27 (men ikke afsnit 26-1 ff). Disse eksempler er

opregnet i boks 4.

APB Bulletin 2008/1Det fremgår af APB Bulletin 2008/1, som omhandler revi-

sionsmæssige anliggender, såfremt de finansielle markeds-

betingelser er vanskelige og kreditfaciliteterne kan være

begrænsede (audit issues when financial market conditions

are difficult and credit facilities may be restricted), at denne

udtalelse ’… provides guidance that auditors may need to

consider when concluding audits in the economic environ-

ment following recent developments in the financial mar-

kets commonly termed … the credit crunch …’, jf. afsnit 1.

Det fremgår senere af udtalelsen, at ’one impact of the …

credit crunch … may be to limit finance available to compa-

nies and other entities … with …’ – ’… in extreme cases

…’ – ’… potentially serious consequences in relation to the

… going concern … assumption’, at ’past experience of

obtaining necessary financing cannot be relied on alone to

provide sufficient evidence of an entity’s ability to obtain

financing in the future’, og at ’lenders may be more risk

averse when considering whether to provide or renew fi-

nance facilities and may establish new criteria and/or may

increase interest rates’, jf. afsnit 8.

I udtalelsen opregnes der en lang række eksempler på ’…

factors that may increase the risk of material misstament in

financial statements …’, særligt såfremt ’… financial mar-

ket conditions are difficult and credit facilities may be re-

stricted’, jf. appendikset. Nogle af disse eksempler relaterer

sig til going concern. Disse eksempler er opregnet i boks 5

på næste side.

APB Bulletin 2008/10Det fremgår af APB Bulletin 2008/10, som omhandler go-

ing concern-anliggender under de nuværende økonomiske

betingelser (going concern issues during the current eco-

nomic conditions), at ’current economic conditions provide

particular challenges to all involved with annual reports and

accounts’, at ’one consequence is expected to be an incre-

ase in the disclosures in annual reports and accounts about

going concern and liquidity risk’, og at ’… the current con-

ditions …’ – ’as a result …’ – ’… will present challenges for:

… [1] directors … who will need to ensure that they prepare

thoroughly for their assessment of going concern and make


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-•ficultiesInquiring 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 implicationsConfirming 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 fundsConsidering 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)

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appropriate disclosures[,] and … [2] auditors … who will

need to ensure that they fully consider going concern as-

sessments and only refer to going concern in their auditor’s

reports when appropriate’, jf. afsnit 1, herunder litra a f.

Det fremgår senere af denne udtalelse, at ’the effect of the

current market conditions on any particular entity requires

careful evaluation’, men at ’… the general economic situation

at the present time does not …’ – ’… of itself …’ – ’… neces-

sarily mean that a material uncertainty exists about an en-

tity’s ability to continue as a going concern or justify auditors

modifying their auditor’s reports to draw attention to going

concern’, at ’the auditor makes a judgment on the need … or

otherwise … to draw attention to going concern on the basis

of the facts and circumstances of the entity at the time of sig-

ning the auditor’s report’, og at udtalelsen ’… gives guidance

on relevant factors to be considered and highlights certain

requirements and guidance …’, jf. afsnit 4.

I udtalelsen opregnes der en lang række eksempler på ’pos-

sible events and conditions that may affect the auditor’s as-

sessment of going concern …’, jf. appendiks 2. De fleste af

disse eksempler er hentet direkte fra APB Bulletin 2008/1.

Disse eksempler omtales ikke nærmere, idet der i stedet

henvises til boks 5. Nogle af eksemplerne er dog ikke hen-

tet fra denne udtalelse. Disse eksempler er opregnet i boks

6 på næste side.27

SammenfatningDet fremgår af ISA (UK and Ireland) 570 (2004), at revisors

vurdering af going concern er af proaktiv karakter, at revisor

derfor altid skal foretage en vurdering af going concern, og


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 repaymentEntity 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)

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at det derfor ikke er tilstrækkeligt, at revisor foretager en

vurdering af going concern, såfremt der er forhold, som in-

dikerer, at der er going concern-problemer. Den finansielle

krise er derfor som udgangspunkt uden betydning for revi-

sors ansvar i relation til going concern.

Under visse omstændigheder kan revisor desuden nøjes

med at foretage en overfladisk vurdering af going concern,

hvorimod revisor under andre omstændigheder skal fore-

tage en mere dybdegående vurdering af going concern.

Det må antages, at den finansielle krise medfører, at revisor

oftere vil skulle foretage en mere dybdegående vurdering

af going concern.

3. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going concern i henhold til den amerikanske regulering i form af reguleringen fra henholdsvis FASB og ASB mv.



cern i henhold til den amerikanske regulering i form af re-

guleringen fra henholdsvis FASB og ASB mv., er struktureret

på følgende måde. Afsnit 3.1 omhandler betydningen af

den finansielle krise for ledelsen og revisors ansvar i rela-

tion til going concern i henhold til reguleringen fra FASB.

Afsnit 3.2 omhandler betydningen af den finansielle krise

for ledelsen og revisors ansvar i relation til going concern i

henhold til reguleringen fra ASB mv.

3.1. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going concern i henhold til reguleringen fra FASB

Det fremgår af FASB’s udkast til en ny SFAS om going con-

cern, at ’… management …’ – ’when preparing financial

statements …’ – ’… shall assess the reporting entity’s abi-

lity to continue as a going concern’, og at ’an entity shall

prepare financial statements on a going concern basis …’,

medmindre ’… management either intends to liquidate the

entity or to cease operations or has no realistic alternative

but to do so’, jf. afsnit 3.28

Dette indikerer, at ledelsens vurdering af going concern

er af proaktiv karakter, at ledelsen derfor altid skal fore-

tage en vurdering af going concern, og at det derfor ikke

er tilstrækkeligt, at ledelsen foretager en vurdering af go-

ing concern, såfremt der er forhold, som indikerer, at der


som udgangspunkt uden betydning for ledelsens ansvar i

relation til going concern.

Det fremgår dernæst af dette udkast, at ’the degree of con-

sideration depends on the facts in each case’, at ’… ma-

nagement may conclude that the going concern basis of ac-

counting is appropriate without detailed analysis’, såfremt

’… an entity has a history of profitable operations and ready

access to financial resources …’, og at ’… management …’ –

’in other cases …’ – ’… may need to consider a wide range

of factors relating to current and expected profitability, debt

repayment schedules, and potential sources of replacement

financing before it can satisfy itself that the going concern

basis is appropriate’, jf. afsnit 4.

Det vil sige, at indholdet af ledelsens vurdering af going

concern afhænger af ’… the facts in each case’, det vil sige

den enkelte virksomheds forhold, og at ledelsen under visse



omstændigheder skal foretage en mere dybdegående vurde-

ring af going concern. Det må som tidligere nævnt antages,

at den finansielle krise medfører, at ledelsen oftere vil skulle

foretage en mere dybdegående vurdering af going concern.


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)

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I udkastet opregnes der en lang række eksempler på ’…

conditions and events that …’ – ’… if considered in the ag-

gregate …’ – ’… indicate there could be substantial doubt

about the reporting entity’s ability to continue as a going

concern’, jf. afsnit 5. Disse eksempler er hentet direkte fra

SAS No. 59 (1988).29 Eksemplerne omtales derfor ikke nær-

mere, idet der i stedet henvises til boks 8 på næste side.

I udkastet opregnes der dernæst en lang række eksempler

på ’management’s considerations relating to its plans …’, jf.

afsnit 6. Disse eksempler er også hentet direkte fra denne

standard. Eksemplerne omtales derfor heller ikke nærmere,

idet der i stedet henvises til boks 9 på side 41.

3.2. Betydningen af den finansielle krise for ledelsen og revisors ansvar i relation til going concern i henhold til reguleringen fra ASB mv.



cern i henhold til reguleringen fra ASB mv., behandler SAS

No. 59 (1988), Securities Exchange Act of 1934 og PITF Prac-

tice Alert No. 2001-2 samt AICPA’s notat om regnskabs- og

revisionsmæssige overvejelser i relation til den nuværende

økonomiske krise og PCAOB’s notat om revisionsmæssige

overvejelser i det nuværende økonomiske miljø.30

SAS No. 59 (1988)Det fremgår af SAS No. 59 (1988), som omhandler revisors

overvejelse af en virksomheds evne til at fortsætte som en go-

ing concern (the auditor’s consideration of an entity’s ability

to continue as a going concern), at ’the auditor has a responsi-

bility to evaluate whether there is substantial doubt about the

entity’s ability to continue as a going concern for a reasonable

period of time … not to exceed one year beyond the date of

the financial statements being audited …’, at ’the auditor’s

evaluation is based on his knowledge of relevant conditions

and events that exists at or have occurred prior to the date of

the auditor’s report’, og at ’information about such conditions

or events is obtained from the application of auditing pro-

cedures planned and performed to achieve audit objectives

that are related to management’s assertions embodied in the

financial statements being audited …’, jf. afsnit 2.31

Dette indikerer, at revisors vurdering af going concern er

af proaktiv karakter, at revisor derfor altid skal foretage

en vurdering af going concern, og at det derfor ikke er

tilstrækkeligt, at ledelsen foretager en vurdering af going

concern, såfremt der er forhold, som indikerer, at der er go-

ing concern-problemer. Den finansielle krise er derfor som

udgangspunkt uden betydning for revisors ansvar i relation

til going concern.

I denne standard 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 en-

tity’s ability to continue as a going concern for a reasonable

period of time] …’, jf. afsnit 5. Disse eksempler er opregnet

i boks 7. Det fremgår i den forbindelse af standarden, at ’it

is not necessary to design audit procedures solely to 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’, og at ’the results of auditing pro-

cedures designed and performed to achieve other audit ob-

jectives should be sufficient for that purpose’, jf. igen afsnit 5.

I standarden opregnes der dernæst en lang række eksem-

pler på ’… conditions or events that …’ – ’… when con-

sidered 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. Disse eksempler er opregnet i boks 8 på næste side. Det

fremgår i den forbindelse af standarden, at ’… the auditor

…’ – ’in performing audit procedures such as those pre-

sented in … [section 5] …’, det vil sige ’… procedures that

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] …’ – ’…


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)

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may identify information about certain 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 pe-

riod of time’, jf. igen afsnit 6.

I standarden opregnes der herefter en lang række eksem-

pler på ’the auditor’s considerations relating to manage-

ment plans …’, jf. afsnit 7. Disse eksempler er opregnet i

boks 9 på næste side. Det fremgår i den forbindelse af stan-

darden, at ’… the auditor … should consider management’s

plans for dealing with the adverse effects of the conditions

and events’, såfremt ’… [he] …’ – ’… after considering the

identified conditions and events in the aggregate …’ – ’…

believes there is substantial doubt about the ability of the

entity to continue as a going concern for a reasonable pe-

riod of time …’, og at ’the auditor should obtain informa-

tion about the plans and consider whether it is likely the

adverse effects will be mitigated for a reasonable period of

time and that such plans can be effectively implemented’,

jf. igen afsnit 7.

Securities Exchange Act of 1934Det fremgår af Securities Exchange Act of 1934, afsnit 10A

(a) (3), at ’each audit required pursuant to … [this Act] of

the financial statements of an issuer by a registered public

accounting firm …’ – ’… in accordance with … [GAAS] as

may be modified or supplemented from time to time by the

Commission …’ – ’… shall include … [:] … (3) an evaluation

of whether there is substantial doubt about the ability of

the issuer to continue as a going concern during the en-

suing fiscal year’.32

Dette indikerer, at revisors vurdering af going concern er

af proaktiv karakter, at revisor derfor altid skal foretage en

vurdering af going concern, og at det derfor ikke er tilstræk-

keligt, at revisor foretager en vurdering af going concern,

såfremt der er forhold, som indikerer, at der er going con-

cern-problemer.

PITF Practice Alert No. 2001-2Det fremgår af PITF Practice Alert No. 2001-2, som om-

handler revisionsmæssige overvejelser i perioder med øko-


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)

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nomisk usikkerhed (audit considerations in times of econo-

mic uncertainty), at ’periods of economic uncertainty lead

to challenging conditions for companies due to potential

deterioration of operating results, increased external scru-

tiny, and reduced access to capital’, at ’these conditions

can result in increased incentives for companies to adopt

practices that may be incorrect or inconsistently applied in

an effort to address perceived expectations of the capital

markets, creditors or potential investors’, at ’… professional

skepticism …’ – ’during such times …’ – ’… should be heigh-

tened …’, at ’… the status quo should be challenged’, og at

denne udtalelse ’… is designed to remind auditors of issues

to consider during these times’.

I udtalelsen opregnes der en lang række eksempler på ’…

indicators of potential increased accounting and reporting

risk calling for increased professional skepticism …’. Disse

eksempler er opregnet i boks 10 på næste side.

Det fremgår af udtalelsen, at ’… an auditor …’ – ’during

times of economic uncertainty …’ – ’… should have a heigh-

tened sense of awareness of a company’s ability to conti-

nue as a going concern’, at ’negative trends, loan covenant

violations and legal proceedings are examples of items that

might indicate that there could be substantial doubt about

the ability of an entity to continue as a going concern’, at ’…

an appropriate level of professional skepticism …’ – ’when

evaluating management’s plans to continue as a going con-


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 assetsExisting 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 assetsPossible 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)

cern …’ – ’… is important’, og at ’… the company’s assump-

tions to continue as a going concern …’ – ’for example …’

– ’… should be scrutinized to assess whether they are based

on overly optimistic or ”once in a lifetime” occurrences’.33

AICPA’s notat om regnskabs- og revisionsmæssige overvejelser i relation til den nuværende økonomi-ske krise (AICPA, 2009)AICPA har udsendt et notat (audit risk alert), som omhand-

ler regnskabs- og revisionsmæssige overvejelser i relation til

den nuværende økonomiske krise (current economic crisis

– accounting and auditing considerations).34 I dette no-

tat anføres det, at formålet med notatet er ’… to provide

auditors of financial statements with an overview of recent

economic, industry, technical, regulatory, and professional

developments that may affect the audits and other engage-

ments they perform’.35

I notatet anføres det senere, at ’the consideration of an en-

tity’s ability to continue as a going concern is required in

every audit performed under … [GAAS] and is an especially

important consideration in the current state of the econo-

my’, og at ’an entity’s ability to continue as a going concern

is affected by many factors related to the current uncertain

economy …’, eksempelvis ’… the industry and geographic

area in which it operates, the financial health of its custo-

mers, suppliers, and financing sources’.36

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I notatet opregnes der en lang række eksempler på ’… in-

dications that there could be substantial doubt about the

ability of the entity to continue as a going concern …’.37

Disse eksempler er opregnet i boks 11 på næste side.

I notatet 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

…’.38 Disse eksempler er opregnet i boks 12 på næste side.

I notatet opregnes der dernæst en lang række eksempler på

’possible audit responses for each of these respective risks

…’.39 Disse eksempler er også opregnet i denne boks.

PCAOB’s notat om revisionsmæssige overvejelser i det nuværende økonomiske miljø (PCAOB, 2008)PCAOB har udsendt et notat (audit practice alert), som

omhandler revisionsmæssige overvejelser i det nuværende

økonomiske miljø (audit considerations in the current eco-

nomic environment) (PCAOB, 2008).40 I dette notat anfø-

res det, at ’recent events in the financial markets and the

current economic environment may affect companies’ ope-

rations and financial reporting and …’ – ’… in turn …’ – ’…

may have implications for audits of financial statements and

internal control over financial reporting’, at ’audit risks that

may have been identified previously may become more sig-

nificant …’, at ’… new risks may exist due to current events

…’, eksempelvis ’… those affecting the economy, credit and

liquidity …’, og at ’… the current uncertainties in the market

and economy …’ – ’among other things …’ – ’… may create

questions about the valuation, impairment, or recoverabi-

lity of certain assets and the completeness or valuation of

certain liabilities reflected in financial statements’.41

I notatet anføres det dernæst, at formålet med notatet er

’… to assist auditors in identifying matters related to the

current economic environment that might affect audit risk

and require additional emphasis’.42

I notatet anføres det senere, at ’… some companies …’ –

’in the current economic environment …’ – ’… may face

challenges in their ability to continue operating as a going

concern’, at ’… sources of liquidity …’ – ’for instance …’ –

’… may be strained because of reduced availability of lines

… [or] letters of credit from financial institutions or becau-

se of a violation of a debt covenant or other covenant’, og

at ’… companies …’ – ’additionally …’ – ’… may encounter

limited access to the commercial paper markets, a decre-

ase in valuation of collateral, difficulty restructuring loans,

and delays in payment from customers’.43

SammenfatningLigesom ISA (UK and Ireland) 570 (2004) fremgår det af

SAS No. 59 (1988) og Securities Exchange Act of 1934, at

revisors vurdering af going concern er af proaktiv karakter,

at revisor derfor altid skal foretage en vurdering af going

concern, og at det derfor ikke er tilstrækkeligt, at revisor


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)

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foretager en vurdering af going concern, såfremt der er

forhold, som indikerer, at der er going concern-problemer.

Den finansielle krise er derfor som udgangspunkt uden be-

tydning for revisors ansvar i relation til going concern.

AICPA har udsendt et notat, som omhandler regnskabs- og

revisionsmæssige overvejelser i relation til den nuværende

økonomiske krise, ligesom PCAOB har udsendt et notat,

som omhandler revisionsmæssige overvejelser i det nuvæ-

rende økonomiske miljø. Denne udtalelse og disse notater

kan være en hjælp for revisor i disse tider med finansiel


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)


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 •supportObtain a strong understanding of the entity’s customers and suppliers and for any major customer or supplier consider reviewing data sup-•porting their financial healthReview 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)

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krise og økonomisk afmatning. Det er dog vigtigt at være

opmærksom på, at der netop er tale om en udtalelse og

notater men ikke standarder, og at udtalelsen og notaterne

derfor ikke har samme retskildeværdi som standarder.

4. AfslutningDenne artikel har omhandlet betydningen af den finan-

sielle krise for ledelsen og revisors ansvar i relation til go-

ing concern. Formålet med artiklen har været at behandle

ledelsen og revisors ansvar i relation til going concern med

hensyn til den finansielle krise.

Artiklen har omhandlet betydningen af den finansielle

krise for ledelsen og revisors ansvar i relation til going

concern i henhold til den engelske regulering i form af

reguleringen fra henholdsvis ASB og APB samt den ame-

rikanske regulering i form af reguleringen fra henholds-

vis FASB og ASB mv.

Der er to centrale budskaber i artiklen. Det første centrale

budskab er, at både ledelsen og revisors vurdering af going

concern er af proaktiv karakter. Ledelsen og revisor skal

derfor altid foretage en vurdering af going concern. Det er

derfor ikke tilstrækkeligt, at ledelsen og revisor foretager

en vurdering af going concern, såfremt der er forhold, som

indikerer, at der er going concern-problemer. Den finan-

sielle krise er derfor som udgangspunkt uden betydning

for ledelsen og revisors ansvar i relation til going concern.

Det andet centrale budskab er, at indholdet af ledelsen –

og revisors – vurdering af going concern afhænger af den

enkelte virksomheds forhold. Under visse omstændighe-

der kan ledelsen – og revisor – nøjes med at foretage en

overfladisk vurdering af going concern, hvorimod ledelsen

– 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.

Forkortelser

AICPA American Institute of CPAs (USA)

APB Auditing Practices Board (FRC)

ASB (1) Accounting Standards Board (FRC)(2) Auditing Standards Board (AICPA)

AU Auditing (SAS)

CPA certified public accountant (autoriseret revisor) (USA)

FAS Financial Accounting Series (FASB)

FASB Financial Accounting Standards Board (USA)

FRC Financial Reporting Council (UK)

FRS Financial Reporting Standard (ASB)

FRSSE Financial Reporting Standard for Smaller Entities (ASB)

GAAS Generally accepted auditing standards (generelt ac-cepterede revisionsstandarder)

IAASB International Auditing and Assurance Standards Board (IFAC)

IASB International Accounting Standards Board

IFAC International Federation of Accountants

ISA International Standard on Auditing (IAASB)

PCAOB Public Company Accounting Oversight Board (USA)

PITF Professional Issues Task Force (AICPA)

SAS (1) Statement of Auditing Standards (APB)(2) Statement on Auditing Standards (ASB)

SFAS Statement of Financial Accounting Standards (FASB)

SSAP Statement of Standard Accounting Practice (ASB)

US GAAS se ’GAAS’

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Noter (fortsat)

PITF Practice Alert No. 2001-2: Audit considerations in times of 30. economic uncertainty. I denne standard henvises der i den forbindelse til AU 326. 31. Det fremgår af afsnit 10A (a) (1) f, at ’each audit required pursuant 32. to … [the Act] of the financial statements of an issuer by a registe-red public accounting firm …’ – ’… in accordance with … [GAAS] as may be modified or supplemented from time to time by the Commission …’ – ’… shall include … [:] (1) procedures designed to provide reasonable assurance of detecting illegal acts that would have a direct and material effect on the determination of financial statement amounts … [and] (2) procedures designed to identify related party transactions that are material to the financial state-ments or otherwise require disclosure therein …’.I udtalelsen henvises der i den forbindelse til SAS No. 59 (1988).33. Dette notat er ikke tilgængeligt men kan købes på AICPA’s 34. hjemmeside (www.aicpa.org).AICPA (2009, p. 1).35. AICPA (2009, pp. 23 f).36. AICPA (2009, p. 24).37. AICPA (2009, ibid.).38. AICPA (2009, pp. 24 f).39. Dette notat er tilgængeligt på PCAOB’s hjemmeside 40. (www.pcaobus.org).PCAOB (2008, p. 1).41. PCAOB (2008, ibid.).42. PCAOB (2008, p. 15).43.

Forfatter

Jesper Seehausen I december 2008 indleverede JS sin ph.d.-af-handling til bedømmelse med henblik på opnåelse af ph.d.-graden. Han er uddannet cand.merc.aud. fra 2004 og har efterfølgende væ-ret ansat i forskellige stillinger inden for universitetsverdenen. Han har modtaget Danica Prisen (1. prisen) for sin kandidatafhandling og har desuden modtaget Tuborgfondets Erhvervsøkonomiske Pris. Han er nu ansat som revisor i Faglig udviklingsafdeling i Beierholm.

For yderligere info, kontakt:[email protected]

Litteraturliste

AICPA (2009): Current economic crisis – accounting and •auditing considerations, New York: AICPA•FRC (2008a): Challenges for audit committees arising from •current economic conditions, London: FRC•FRC (2008b): Study: Going concern and liquidity risk •disclosures, London: FRC•FRC (2008c): An update for directors of listed companies: •Going concern and liquidity risk, London: FRC•FRC (2009): An update for directors of companies that adopt •the FRSSE: Going concern and financial reporting, London: FRCPCAOB (2008): Audit considerations in the current economic •environment, Washington D. C.: PCAOB

Noter

Anden artikel i artikelserien omhandlede betydningen af den 1. finansielle krise for ledelsen og revisors ansvar i relation til going concern i henhold til den danske regulering, den fællesskabs-retlige regulering samt den internationale regulering i form af reguleringen fra henholdsvis IASB og IAASB.FRS 18: Accounting policies (2000). Denne standard erstatter 2. SSAP 2: Disclosure of accounting policies (1971).FRSSE’en (2008) erstatter FRSSE’en (2007).3. I standarden henvises der i den forbindelse til standardens afsnit 4. 23.Dette notat er tilgængeligt på FRC’s hjemmeside (www.frc.5. co.uk).FRC (2008a, p. 1).6. FRC (2008a, p. 2).7. FRC (2008a, ibid.).8. FRC (2008a, pp. 3 ff).9. Jf. note 5 ovenfor.10. Jf. igen note 5 ovenfor. 11. FRC (2008c, p. 1).12. FRC (2008c, ibid.).13. Jf. note 5 ovenfor.14. FRC (2009, p. 1).15. FRC (2009, ibid.).16. FRC (2009, p. 3).17. FRC (2009, pp. 3 f).18. ISA (UK and Ireland) 570: Going concern (2004). Denne 19. 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).APB Bulletin 2008/1: Audit issues when financial market conditi-20. ons are difficult and credit facilities may be restricted.APB Bulletin 2008/10: Going concern issues during the current 21. economic conditions.Det fremgår i den forbindelse af denne standard, at ’… those 22. charged with governance …’ – ’in the UK and Ireland …’ – ’… are responsible for the preparation of the financial statements and the assessment of the entity’s ability to continue as a going concern’, jf. note 1a.Jf. ovenstående note.23. Jf. note 22 ovenfor.24. I standarden henvises der i den forbindelse til standardens afsnit 25. 6 og afsnit 26.Det vil også sige, at ledelsen under visse omstændigheder 26. kan nøjes med at foretage en overfladisk vurdering af going 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 krise også medfører, at ledelsen oftere vil skulle foretage en mere dybdegående vurdering af going concern.I udtalelsen opregnes der dernæst en lang række eksempler på 27. ’… factors that may increase the risk of material misstatement in financial statements during the current economic conditions … other than in relation to going concern’, jf. appendiks 3. Disse eksempler omtales ikke nærmere.FAS No. 1650-100: Going concern (2008).28. SAS No. 59: The auditor’s consideration of an entity’s ability to 29. continue as a going concern (AU 341) (1988).

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Documents

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