Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 3, 2011 erstellt
Description:
This paper investigates the allegations against auditors’ of going-concern audit reporting failures. In light of previous academic studies, I find that SAS 59 is responsible of such allegations. Not only SAS 59 fails to provide a clear definition of what resembles a violation of the going-concern assumption, but it misguides auditors to issue the modification to companies that are in very late stages of financial distress, to the extent that the GCAR becomes a certification of failure rather than a warning of financial distress