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ACCA Strategic Professional
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An auditor is assessing going concern for a manufacturing company. Which of the following indicators would present the MOST significant doubt about going concern?
The company's revenue has declined by 5% compared to the prior year
The company's bank has withdrawn its overdraft facility and a major loan covenant has been breached with no waiver obtained
Employee turnover has increased by 15% during the year
The company has changed its accounting policy for depreciation
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Correct Answer:
The company's bank has withdrawn its overdraft facility and a major loan covenant has been breached with no waiver obtained
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