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According to what is customary in the state. Of laws and procedures
I think that the auditor's responsibility is limited to the restrictions that the audited
The audit is done as a legal obligation, or at the request of one of the co-owners. Its aim is to verify the legality of the operations of the company.The auditor is the one who knows the law and has a great responsibility, his opinion is very essential and important. His opinion-finding may be positive or negative, depending on what is found when checking the business and the way companies work.Of course, he is liable if the positive opinion-finding, although it had data, information and evidence pointing to the contrary. Because one can make a new revision that would prove or expertise of its audit if express doubt in it.
As long as auditor has performed his duties according to law and auditing standards applicable he will not be held liable for any susbsequent failure of company.
If the auditor was negligent in his duties then he will be held responsible for not conducting audit appropriately
If the auditor has applied all the necssary procedures and obtianed sufficient approriate evidence for his audit opinion, he can not be made liable for subsquent events.
The audit is done as a legal obligation, or at the request of one of the co-owners. Its aim is to verify the legality of the operations of the company.The auditor is the one who knows the law and has a great responsibility
The audior has to show that he has carried this work with due deligence and there was no material evidence to show otherwise. If he can prove this there is no liablility for the audior.
Otherwise, he will be charged with negligence in audit.
Dear sender,
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I wish you can read my answer before it gets deleted
Well it is the responsility of management to identify the going concern status of the company so ultimately they will be held accountable. Auditors are required to verify the appropriateness of management use of going concern. If the auditors perform their work with due deligence and in case where they identify that there is going concern problem which has been overlooked by management they should report that to appropriate level of management but where the auditors actions were not in line with accounting and auditing standards and neglected the company's going concern problem which could be indentified if the audit was carried out properly in that case they will be liable.
There are legal liabilities and these are defined by the laws of the country you are in. There are also professional liabilities because that auditor's reputation will be negatively impacted.
