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Full-Text Articles in Business
Going-Concern Audit Report Recipients Before And After Sas No. 59, Marshall A. Geiger, Kannan Raghunandan, D. V. Rama
Going-Concern Audit Report Recipients Before And After Sas No. 59, Marshall A. Geiger, Kannan Raghunandan, D. V. Rama
Accounting Faculty Publications
In an attempt to provide information to make an evaluation on whether the requirements under SAS No. 59 have had any significant effect on auditor reporting decisions, a study was conducted that examined companies receiving going-concern modified reports before and after the implementation of SAS No. 59. We wanted to assess whether auditors were issuing going-concern modified reports to clients exhibiting different levels of financial stress and also whether the bankruptcy rate of such companies was different after the adoption of SAS No. 59.
A Note On Going-Concern Modified Audit Reports And Subsequent Bankruptcies Before And After Sas No. 59, Marshall A. Geiger, Kannan Raghunandan, Dasaratha V. Rama
A Note On Going-Concern Modified Audit Reports And Subsequent Bankruptcies Before And After Sas No. 59, Marshall A. Geiger, Kannan Raghunandan, Dasaratha V. Rama
Accounting Faculty Publications
Several papers have examined the proportion of bankrupt companies which did not have a prior going-concern modified report (a type II reporting error) before and after Statement on Auditing Standards No. 59 became effective. This paper contributes to the debate by examining the subsequent viability status for companies that received a first-time going-concern modified audit report (type I reporting errors) before and after SAS No. 59. The results indicate that 13.6 (10.1) percent and 24.3 (20.2) percent of companies receiving a first-time going concern modified audit report in the post-SAS No. 59 (pre-SAS No. 59) period entered bankruptcy within one …
Qualitative Materiality In Government Audit Planning, Sridhar Ramamoorti, Andrea Lee Hoey
Qualitative Materiality In Government Audit Planning, Sridhar Ramamoorti, Andrea Lee Hoey
Accounting Faculty Publications
The political sensitivity of the area under audit to adverse media exposure and litigation concerns the nature rather than the size of an amount, such as illegal acts, bribery and corruption, related party transactions, snowballing patterns of error and other risks that grow over time. Qualitative materiality considerations should not be ignored-they can and frequently do influence the nature and scope of governmental audits. Financial Accounting Standards Board Concepts Statement No. 2 defines materiality as the magnitude of an omission or misstatement that would influence the decisions of a user of financial statements. Audit planning needs to incorporate considerations of …