An audit report isn’t a risk management assessment. They audit the books. They don’t judge the risk.
I am sure the auditors walked out shaking their heads.
As I understand it, the CPA firm reports as to whether the financial statements fairly represent the financial position of the business being audited.
You’re right it is not a risk assessment. It is reporting as to whether the financial statements are accurate. The financial statements could show bad indicators, such as a bad ratio of assets to liabilities.
According to Patrick Boyle’s YouTube video the bank hadn’t had a risk manager employed the prior nine months.
“Going Concern” is part of auditor responsibility.
Not near my computer...can’t explain. Look it up.
Recessions uncover what auditors do not.