ACCT 461 Lesson 14 assignment- Hertz

ACCT  461 Lesson 14 assignment-Hertz

In Chapter 11 and 12, we learn that an auditor has a responsibility to evaluate whether there is substantial doubt about the client company’s ability to continue as a going concern for a reasonable period of time, and in case the auditor concludes there is substantial doubt, they should discuss it in the auditor’s report (PCAOB AS 2415).

For this week’s assignment, you will look at an example of such going concern disclosure in the auditor’s report.

ACCT 461 Lesson 14 assignment- Hertz

Your Tasks:

First, obtain 10-K of Hertz for the fiscal year ended December 31, 2020. Find the auditor’s report that includes a discussion of the substantial doubt about the company’s ability to continue as a going concern.

  • The textbook (and the slides) explains that auditors may issue a) an unqualified opinion with an explanatory paragraph or b) a disclaimer of opinion when the company has high going-concern uncertainties. Which type of report did Ernst and Young, Hertz’s auditor, issue for the 2020 financial statements?ACCT 461 Lesson 14 assignment- Hertz
  • Not only auditors but companies themselves are required to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and provide related footnote disclosures (ASC 205-40: “Presentation of Financial Statements—Going Concern”). Find Hertz’s footnote disclosure related to ‘going concern’ in the notes to the financial statements, and describe the difference of information provided by Hertz from the auditor(EY)’s a discussion on going-concern uncertainties.
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