The IAASB has conducted a review of the structure and content of audit reports, including the issuance of an Invitation to Comment on Improving the Auditor’s Report, in which several suggestions were made with the aim of improving the disclosure of matters included in the auditor’s report, including those relating to going concern status.

Required:
Explain the suggestions made by the IAASB in respect of additional disclosures in the auditor’s report
regarding going concern status, and discuss the benefits of such disclosures. (8 marks)