The Going-Concern Assumption Revisited: Assessing A Company’s Future Viability

Topics:
Audits
Tags:
Audit,
Auditor,
Finance,
Financial Accounting,
New York State Society Of Certified Public Accountant
Source:
New York State Society of Certified Public Accountants

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Overview: From the executive summary: ‘Given the national recession that officially began in the beginning of the 21st century, the increase in the rate of bankruptcy filings was not completely unexpected. More surprising is the auditors’ failure to warn the investing public of the financial distress and impending failure of their clients through modification of the audit report in accordance with SAS 59, the auditor’s consideration of an entity’s ability to continue as a going concern. The current crisis in confidence in the audit profession is in part due to auditors’ impotence on high-profile engagements.’ The paper examines ways to assess a company’s future viability.

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Format: HTML | Date: Jan 2003 | Pages: 1

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