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Auditor Going Concern Reporting

2021-06-09 Business & Economics
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Release : 2021-06-09
Genre : Business & Economics
Kind : eBook
Book Rating : 031/5 ( reviews)

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Book Synopsis Auditor Going Concern Reporting by : Marshall A. Geiger

Download or read book Auditor Going Concern Reporting written by Marshall A. Geiger. This book was released on 2021-06-09. Available in PDF, EPUB and Kindle. Book excerpt: Auditor reporting on going-concern-related uncertainties remains one of the most challenging issues faced by external auditors. Business owners, market participants and audit regulators want an early warning of impending business failure. However, companies typically do not welcome audit opinions indicating uncertainty regarding their future viability. Thus, the auditor’s decision to issue a "going concern opinion" (GCO) is a complex and multi-layered one, facing a great deal of tension. Given such a rich context, academic researchers have examined many facets related to an auditor’s decision to issue a GCO. This monograph reviews and synthesizes 182 recent GCO studies that have appeared since the last significant review published in 2013 through the end of 2019. The authors categorize studies into the three broad areas of GCO: (1) determinants, (2) accuracy and (3) consequences. As an integral part of their synthesis, they summarize the details of each study in several user-friendly tables. After discussing and synthesizing the research, they present a discussion of opportunities for future research, including issues created or exacerbated as a result of the global COVID-19 pandemic. This monograph will be of assistance to researchers interested in exploring this area of auditor responsibility. It will also be of interest to auditing firms and individual practitioners wanting to learn what academic research has examined and found regarding this challenging aspect of audit practice. Auditing standard-setters and regulators will find it of interest as the authors review numerous studies examining issues related to audit policy and regulation, and their effects on GCO decisions. The examination of GCO research is extremely timely given the financial and business disruption caused by the worldwide COVID-19 pandemic. This unprecedented global event has caused companies, auditors and professional bodies to revisit and reassess their approach to going concern, and to think even more deeply about this fundamental business imperative.

Audit Reporting for Going Concern Uncertainty

2018-01-30 Business & Economics
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Release : 2018-01-30
Genre : Business & Economics
Kind : eBook
Book Rating : 460/5 ( reviews)

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Book Synopsis Audit Reporting for Going Concern Uncertainty by : Sandro Brunelli

Download or read book Audit Reporting for Going Concern Uncertainty written by Sandro Brunelli. This book was released on 2018-01-30. Available in PDF, EPUB and Kindle. Book excerpt: This book employs a narrative analytical approach to explore all aspects of the debate surrounding auditor reporting on going concern uncertainty worldwide. In-depth analysis of significant academic studies and of regulatory perspectives is combined with an illuminating empirical study in the Italian context. The book opens by discussing the assessment of going concern for accounting and auditing purposes. It is examined how going concern is considered in the FASB and IASB accounting standards and how auditors in the PCAOB and IAASB environments should verify its presence in financial statements and report on it in the audit report. Accounting and auditing in relation to going concern in other jurisdictions are also addressed. Research into the determinants, accuracy, and consequences of going concern opinions (GCO) is then thoroughly reviewed, with separate examination of studies and trends in the United States, Europe, and the rest of the world. In the third part of the book, interesting evidence from the Italian Stock Market, including investor reactions to GCOs during the period 2008–2014, is presented and evaluated. The book will be of interest to academics, regulators, and practitioners alike.

An Analysis of Auditors' Going-Concern Reporting Accuracy in Private Firms

2018
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Release : 2018
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Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis An Analysis of Auditors' Going-Concern Reporting Accuracy in Private Firms by : Kris Hardies

Download or read book An Analysis of Auditors' Going-Concern Reporting Accuracy in Private Firms written by Kris Hardies. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: The accuracy of audit reports is often viewed as a signal for audit quality. Prior research shows that in the context of going-concern reporting in audit markets dominated by public firms, some auditors are more accurate than others (e.g., Big N firms). This study is the first large-scale study that investigates going-concern reporting accuracy in an audit market dominated by private firms. The threat of reputation and litigation costs incentivizes auditors to report accurately in markets dominated by public firms, but such incentives are largely absent in markets dominated by private firms. Hence, reporting accuracy in such markets might not vary across auditors. Our main analysis is based on a sample of 1,375 Belgian firms that ceased to exist within one year from the financial statement date. Our results show that the frequency of Type II misclassifications does not vary across auditor types (Big 4 vs. non-Big 4, audit firm and partner industry specialists vs. non-specialists, more experienced vs. less experienced, and female vs. male auditors). Overall, these results cast doubt on the existence of quality differences among auditors in audit markets dominated by private firms.

Auditor's Going-concern Reporting

2012
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Release : 2012
Genre :
Kind : eBook
Book Rating : 800/5 ( reviews)

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Book Synopsis Auditor's Going-concern Reporting by : Nina Sormunen

Download or read book Auditor's Going-concern Reporting written by Nina Sormunen. This book was released on 2012. Available in PDF, EPUB and Kindle. Book excerpt: The going-concern context has been the subject of much research and discussion for many years at both academic and professional levels. The International Standard on Auditing (ISA) 570 stipulates that the auditor should consider the appropriateness of managements' use of the goingconcern assumption and to evaluate whether there are material uncertainties with respect to entity's ability to continue as a going concern. Regardless of what is stated in the financial statement, the auditor should comment on going-concern uncertainty in the audit report if there is a doubt about firm's ability to continue as a going concern. There is strong evidence that the auditor's going-concern decision is a complex task with extensive consequences. The primary purpose of this thesis is to empirically provide significant basis to get better understanding of the challenging nature of the auditor's going-concern reporting. This thesis deals with different aspects of auditor's going-concern reporting and contributes mainly to the line of auditing research.

Audit Reports and Stock Markets

2009 Auditing
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Release : 2009
Genre : Auditing
Kind : eBook
Book Rating : 560/5 ( reviews)

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Book Synopsis Audit Reports and Stock Markets by : Kim Ittonen

Download or read book Audit Reports and Stock Markets written by Kim Ittonen. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä: Tilintarkastuskertomukset ja osakemarkkinat.

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