I have just started studying for AUD. I am doing the self study and Im not sure how mitigating factors and going concern go together or the effect of it?

Also the standard report does not metion the PCAOB but audits of issuers does. How do you know when to use the standard vs. PCAOB statement?

Mitigating factors are the factors that the company management uses to try and make the company solvent again.  They are the things that management does so they will have cash on hand and the company won't go under (use a line of credit, incresae equity, etc).

Use the PCAOB statement for audits of issuers (public companies) and the GAAS Standard Report for nonissuers (private companies).

Hope that helps!

So the standard report in the Becker book is for private companies?

Because I have not seen it used in this section so far but Im only 1/2 way through.

That break down did help JennyBankers.

Yes, the standard report in the book is for private companies.

Are you watching the lectures for A1?  The lectures help explain the difference between private and public reporting fairly well.

I was going through making my own notes and getting an understanding. Then I was going to do the lecture. Because they talk so fast in the lecture I figured if I went in with a little understanding I would understand lecture better. For previous sections the lectures just went over my head in some areas when I watched them first. This is a new method I am trying so hopefully it works.

I see you just took AUD. How was it?

I have just started studying and have not sent off for my NTS b/c I was not sure how long I would need for this section to really know it. Any suggestions?

Thanks