The aim of this paper is to point out the importance of the assumption of going concern in auditing theory and practice, and to analyze the determinants of the impact on the audit assessment of this basic accounting assumption. For this purpose, by applying two analyzes, a research was conducted on a sample of companies listed on the Croatian capital market during 2017 and 2018. Univariate analysis indicated the statistical significance of the indicators of indebtedness, profitability and total accruals for the audit assessment of going concern. The results of the multivariate analysis showed that only the traditional indicator of indebtedness is a statistically significant variable that affects the auditor's expression of doubt in the ability of the company going concern. However, in addition to the impact of traditional financial indicators, this paper sought to explore the extent to which effective corporate governance, expressed through the work of the audit committee, affects the likelihood of an audit assessment of this underlying accounting assumption. The research found that the effectiveness of the audit committee has a statistically significant effect on the auditor's expression of opinion on the appropriateness of the assumption of going concern. Thus, the importance of the audit committee was emphasized, as a supervisory mechanism of corporate governance, which positively affects the degree of quality of external audit and the success of corporate governance, which consequently results in a positive impact on the audit assessment of the analyzed accounting assumptions.