II. Completing the audit and assessing going concern risk [ 25 pts] Both...
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II. Completing the audit and assessing going concern risk [ 25 pts] Both chapters 17 and 18 discuss the auditor's responsibilities in assessing *going concern risk'. Again reviewing the financial data for Lands End[EarthWear] 1. Explain the "going concern assumption'. Indicate why it is important in accounting and in auditing: 2. List two items of specific evidence from the table that would increase your confidence Lands' End's financial status meets the 'going concern assumption 3. List two items of specific evidence from the table that would increase your concern that Lands' End might not be a going concern. 4. If the audit team decides that significant doubt concerning the client's going concern status exists, it might include a 'CAM' in the auditor's report. What is a 'CAM
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