Final answer:
One of the crucial audit procedures for evaluating a client's going concern status is analytical procedures. These involve evaluating financial data to identify trends and potential financial difficulties. Confirmations, sampling, and internal control tests serve other audit objectives.
Step-by-step explanation:
Auditing standards require auditors to evaluate whether there is substantial doubt about a client's ability to continue as a going concern. When assessing the going concern issue, one of the most important audit procedures is analytical procedures.
Analytical procedures involve evaluating financial information by studying plausible relationships among both financial and non-financial data. These procedures may include ratio analysis, trend analysis, and comparisons of financial statements. They help an auditor understand the client's financial position, predict the future outcomes, and identify any unusual transactions or trends that might indicate financial difficulties.
Confirmations from creditors, statistical sampling procedures, and tests of internal controls are also important but serve other audit objectives. For example, confirmations might be used to verify the existence of balances, statistical sampling to check the representativeness of audit evidence, and internal control testing to evaluate the effectiveness of the client's internal control system.