If There Is Substantial Doubt About the Entity's Ability to Continue

question 11

True/False

If there is substantial doubt about the entity's ability to continue as a going concern, the auditor should obtain information about the management's plans to mitigate the problem and assess the likelihood that such plans can be implemented.

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Definitions:

Despair

A profound feeling of hopelessness, often associated with a loss or failure, where an individual feels they cannot change their situation.

Memories Declining

The process of experiencing a reduction in the capacity to recall past events, information, or experiences.

Self-actualization

The achievement of realizing one's own abilities and potentials, seen as a universal desire or motivation.

Theorist

An individual who formulates theories or concepts in a particular field of study, especially in the arts, sciences, or philosophy.